Clients broaden scope of contracts with Bilby

Gas heating, electrical and building services holding company Bilby updated the market on its trading on Monday, announcing that - as a result of its “leading reputation” and continued focus on operational excellence - a number of existing clients had broadened the scope of work to be undertaken by Bilby companies in advance of the group's year end.

The AIM-traded firm said that additionally, customers that had awarded work to Bilby which was set to start in the current financial year, requested the group commence work earlier than previously anticipated.

Its year-end audit was underway, and the combined result of those developments meant that in the year to 31 March, Bilby expected to achieve EBITDA of no less than £3.6m.

“In addition, continued investment into operational systems and efficiencies during 2017 has enabled the group to increase its positive cash reserves at the year end, which stood at £2.1m,” the board said in a statement.

“Bilby continues to retain a £2.25m working capital facility.”

The group's audited financial results for the year to 31 March would be announced before the end of June 2017, Bilby’s board announced.