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Brickability Group PLC on Monday reported a revenue increase of more than half, as the construction materials distributor said it continues to expand in scale and customer base.
Pretax profit surged 72% to £15.3 million in the six months that ended September 30 from £8.9 million a year before, as revenue increased by 58% to £352.7 million from £223.5 million, with a like-for-like revenue growth of 9.3%.
The Bridgend, Wales-based company said it expects results for all of financial 2023 to be in line with market expectations of earnings before interest, tax, depreciation and amortisation of approximately £44.5 million, which would be up 13% from £39.5 million in financial 2022.
Adjusted Ebitda in the first half increased by 46% percent to £25.5 million from £17.5 million a year ago.
In support of its outlook, Brickability highlighted continuing strong order intake into the second half of the financial year, as well as two acquisitions - Modular Clay Products in May and ET Clay Products in September - as reasons for its strong performance across all of its divisions.
Brickability announced an interim dividend of £1.01 pence per share, up 5.2% from £0.96p a year ago.
Chair John Richards said the dividend increase reflected ‘the performance of the business in the half year and the board’s confidence in the longer-term outlook for the group’.
‘The first half of the year has seen the group benefit from the earlier strategic decision to move into new market segments within the construction and housebuilding industries thereby diversifying and expanding both the group’s product portfolio and end markets,’ he said.
‘Having built a robust and increasingly diverse business, we remain confident in the group’s ability to continue to deliver on its strategy and to meet market expectations for the full year,’ Richards said.
Brickability shares were down 0.7% at 70.00p at midday Monday in London.
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