Interim Results for the Six Months Ended 30 September 2021
Brickability Group plc (AIM: BRCK), the leading construction materials distributor, today announces its unaudited interim results for the six months ended 30 September 2021.
Financial Highlights
- Revenue increased by 197% to £223.5m (H1 2020: £75.3m)
- Group like-for-like** revenue growth of 53.6% versus H1 2020 and 30.4% versus H1 2019
- Gross profit increased by 146.8% to £39.0m (H1 2020: £15.8m)
- Gross profit margin of 17.4% (H1 2020: 21.0%)
- Profit before tax increased by 120.4% to £11.9m (H1 2020: £5.4m)
- Adjusted EBITDA* increased by 120.0% to £17.6m (H1 2020: £8.0m)
- Cash balance at 30 September of £18.4m (H1 2020: £13.8m)
- Net cash as at 30 September of £2.8m (H1 2020: net debt £2.7m)
- Borrowing facility increased to £60 million plus £25m accordion following re-financing
- Interim dividend proposed of 0.96 pence per share (H1 2020: 0.8678 pence)
Operational Highlights
- Strong start to 2021, with performance ahead of same period in 2019 pre-COVID
- Acquisitions of Taylor Maxwell in June 2021 following an oversubscribed share placing raising equity finance of £55 million, and Leadcraft, as announced in August 2021
- Taylor Maxwell acquisition recognised with the 2021 AIM Awards ‘Transaction of the Year’ Award
- New product ranges added to Group offering timber and non-combustible cladding, copper and zinc metal roofing and heritage leadwork
- Focus on revenue and cost synergies
- Strong pipeline of acquisitions and continued organic development
- Strong order book for the second half with positive order intake momentum
- ESG committee established led by the Group Chairman with members including the Chief Operating Officer and Group Marketing Director
Post Period End and Outlook
- Appointment of Paul Hamilton as Chief Operating Officer with immediate effect
- Acquisition of HBS New Energies and UPOWA in November 2021, the Group’s first acquisition in the renewable energy products sector
- Board remains confident of the Group delivering performance at least in line with market expectations for the full year
*Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortisation, share option expense, acquisition costs and exceptional items.
**like-for-like sales is a measure of growth in sales, adjusted for the impact of acquisitions
Another strong performance in 2021
We are pleased to have delivered another strong performance across all our divisions during the period. As the housebuilding and construction market has continued to improve, all our divisions have benefitted from the increased demand which has resulted in a strong order book.
Our strategy of bolt on acquisitions has enabled us to significantly expand our product offering, through the acquisition of Taylor Maxwell and Leadcraft, as well as, seeing the Group enter the renewable energy product space with the acquisition of HBS New Energies and UPOWA, a strategically significant sector for the Group moving forward, post period.
We believe Brickability is well positioned for the future, and that the scale and diversity of the business, will enable the Group to capitalise on opportunities in the market and further strengthen our positioning.
John Richards
Chairman | Brickability Group PLC
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