Results and Reports | 05 Dec 2022

Interim Results for the Six Months Ended 30 September 2022

Name: Brickability Group PLC
Price range: $

Brickability Group plc (AIM: BRCK), the leading construction materials distributor, today announces its unaudited interim results for the six months ended 30 September 2022.

Financial Highlights

Revenue increased by 57.8% to £352.7m (H1 FY22: £223.5m)
Group like-for-like* revenue growth of 9.3%
Gross profit increased by 40.8% to £54.9m (H1 FY22: £39.0m)
Profit before tax increased by 71.9% to £15.3m (H1 FY22: £8.9m)
Adjusted EBITDA** increased by 45.7% to £25.5m (H1 FY22: £17.5m)
Net debt as at 30 September 2022 of £27.4m (H1 FY22: net cash £2.8m)
Interim dividend of 1.01 pence per share (H1 FY22: 0.96 pence)

Operational Highlights

Strong performance across all Group divisions in first half of FY23 despite macroeconomic and geopolitical backdrop
Continued strong order intake moving into the second half
Two acquisitions in period – Modular Clay Products in May 2022 and ET Clay Products in September 2022
Appointment of two additional Independent Non-Executive Directors, Susan McErlain and Sharon Collins during the period

Post Period End and Outlook

Board remains vigilant of wider macroeconomic challenges but confident in the Group’s ability to deliver performance in line with market expectations for the full year***

*like-for-like (“LFL”) sales is a measure of growth in sales, adjusted for the impact of acquisitions.

**Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortisation, share option expense, acquisition costs and exceptional items.

***Full year market expectations as at the date of this announcement of adjusted EBITDA of approximately £44.5 million

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. This, combined with the increase in import and distribution capacity, has significantly increased the Group’s customer base which has in turn led to sales and profit growth across all four divisions.

Whilst the market continues to be impacted by macroeconomic and geopolitical pressures, the fundamentals of our industry remain strong, albeit the impact of the current UK economic environment on our business during 2023 is unclear. However, 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.

John Richards
Chairman | Brickability Group PLC