LONDON - Brickability Group plc (AIM: BRCK), a prominent UK construction industry distributor and service provider, announced in a recent trading update a steady financial performance for the half-year period ending September 30, 2024. The company reported revenues exceeding £330 million, marking a 2% increase from the previous year but a 7% decline on a like-for-like basis.
Despite a general downturn in new housing builds, Brickability has seen growth in its Distribution division, particularly through a surge in solar PV sales via Upowa. The company's diversification strategy seems to be paying off, with newly acquired cladding and fire remediation contracting businesses contributing significantly to the first half's performance.
The forward order book appears balanced, fueled by a rise in brick orders and a recent uptick in product inquiries, suggesting a potential market recovery within the current financial year. The Board remains confident, anticipating an adjusted EBITDA of at least £27.5 million for the first half, surpassing the previous year's £25.6 million.
Brickability's net debt is projected to be around £56 million after making acquisition-related payments over £8 million. Despite market challenges, the company's strategic acquisitions and product diversification have allowed it to maintain a strong position, with full-year expectations remaining unchanged.
This update is based on a press release statement from Brickability Group plc.
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