Bilby boosts revenue in first half

Gas heating, electrical and building services provider and holding company Bilby issued its interim results for the six months to 30 September on Friday, with revenues increasing 159% to £30.07m.

The AIM-traded firm posted an underlying operating profit before exceptional items of £1.19m, up 38.4%, while underlying profit before tax before exceptional items increased 26.5% to £1.05m.

Its reported loss before tax was £0.84m, however, swinging from a £0.07m profit at the same time last year.

Adjusted earnings per share were 2.72p, up from 2.56p, and net debt stood at £6.91m including cash of £0.69m as at 30 September - widening from the £4.29m including cash of £1.09m reported a year ago.

The board declared an interim dividend of 0.25p per ordinary share, less than the 0.75p paid last year.

“ am pleased to report that in the first half we continued to make progress on our growth strategy with the acquisitions of DCB and Spokemead, two high-quality businesses which have significantly enhanced the group's offering and revenue prospects,” said executive deputy chairman Phil Copolo.

“Both acquisitions have been fully integrated into the Bilby Group and continue to trade ahead of management's expectations.”

Copolo said the group had experienced frustrating delays to certain contracts expected to commence during the period.

“This, combined with a major customer re-organising the way it manages its services, continues to impact the group.

“However, in the second half, as a result of the group's leading reputation, it has won a number of new customers including significant, long-term contracts.”

Copolo said there remained considerable opportunity for Bilby's growth in its target markets with sustained demand for its list of services.

“This combined with our strong recent customer momentum underpins our confidence for the future.”