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Results for the 12 months ended 31 December 2025
April 2026
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Presentation Team
Mark Smith
Chief Executive Officer
Mark has an in-depth knowledge of the construction industry with over 35 years' experience, driving for growth and profit in competitive markets. Mark joined Billington as COO in June 2014 and became CEO in January 2015.
Trevor Taylor
Chief Operating Officer
A fellow of the Institute of Chartered Accountants in England & Wales (ICAEW) over 20 years' experience in construction & financial services. Trevor joined Billington in 2008, became CFO in 2011 and COO in October 2025.
Dave Jones
Chief Financial Officer
A member of the Association of Chartered Certified Accountants (ACCA), Dave trained with Grant Thornton and qualified in 2009. He joined Billington in 2019 and became CFO in October 2025.
North London Heat and Power Project
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Executive Summary
Robust performance against a backdrop of challenging market conditions
Billington is a leading UK structural steel and construction safety solutions specialist
Revenue of £95.7 million
Underlying Profit Before Tax (PBT) of £4.1 million with an underlying operating margin of 3.6%
Client led project delays resulting in later than anticipated margin recognition
Dividend proposed of 11 pence per share
Robust orderbook of large and complex projects
Consolidation of our structural steel operations in Barnsley
New Tubecon fabrication facility completed and operational
Continued investment in capacity and capability has improved our cost base and operational efficiency heading into 2026
Significant number of production hours secured for 2026 and 2027
Trevor Taylor transitions to Chief Operating Officer, Dave Jones promoted to Chief Financial Officer
Appointment of Sharon Daly as Non-Executive Director
City Square House
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Corporate
London (AIM)
BILN
Share Price
380.00
Ordinary Shares in Issue (No.)
13,334,327
Market Cap. (GBP, Millions)
50.67
Major Shareholders | |
Gutenga Stiftung Foundation | 19.4% |
Charles Stanley Group | 10.0% |
Trinity Bridge | 8.9% |
GPIM | 7.2% |
Crucible Clarity Fund | 5.2% |
IG Markets | 5.2% |
Ocorian Trustees (Jersey) - ESOT | 3.6% |
Billington Holdings Directors | 3.0% |
Advisors | |
Bankers | HSBC Plc |
as of 14/04/2025
Share Price Graph - 12-month period (Source: LSE)
NOMAD and Broker Cavendish Capital Markets Limited
Auditors RSM
Solicitors Walker Morris LLP
Financial PR & IR IFC Advisory Limited
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Financial Highlights
Strong asset-backed balance sheet underpins future strategy
Revenue of £95.7m as a result of large, complex projects with reduced steel content
4.2% increase in productive output from structural steel operations
Underlying operating margin of 3.6%
Non-underlying restructuring costs of £2.8m incurred during the year relating to Yate consolidation
Dividend declared of 11 pence per share - covered 2.46 times underlying earnings
Consistent cash management with net cash balance of £20.5 million (2025 FY avg: £19.6 million)
3-year Revolving Credit Facility (RCF) of £6 million implemented in March 2024 with HSBC
Net asset value of £3.78 per share
Pension scheme progressing towards formal buy out of schemes' liabilities
5-year capital investment and modernisation programme principally completed in 2025
Credit insurance market continues to take a cautious approach
All England Lawn Tennis Club
All England Lawn Tennis Club
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Financial Highlights - In Numbers
Robust performance in light of subdued market conditions
Revenue of £95.7m
(2024: £113.1m)
Underlying Operating Profit Margin of 3.6% (2024: 8.9%)
Underlying Profit Before Tax of £4.1m (2024: £10.8m)
Net Assets of £50.4m
(2024: £53.0m)
Cash Balance of £20.5m (2024: £21.7m)
Debt Free
Pension Surplus of
£1.9m
Underlying Basic EPS of 27.1p
(2024: 66.2p)
Underlying ROCE of 11.9%
(2024: 36.8%)
Sandwell Aquatic Centre
Sandwell Aquatic Centre
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Income Statement
Structural steel consolidation completed in the year
Year to 31 December
Year to 31 December
Year to 31 December
£'000 2025 | 2025 | 2024 |
Underlying | Total | Total |
Total costs (excluding depreciation) EBITDA | 89,553 6,141 | 92,311 3,383 | 100,700 12,361 | |
Depreciation | 2,679 | 2,679 | 2,340 | |
Group operating profit | 3,462 | 704 | 10,021 | |
Net finance income | 633 | 633 | 793 | |
Profit before tax | 4,095 | 1,337 | 10,814 | |
Taxation | (644) | (10) | (2,542) | |
Profit after tax Earnings per share | 3,451 27.1p | 1,327 10.4p | 8,272 66.2p | |
Derby Multi Sport Arena |
Revenue 95,694 95,694 113,061
Non-underlying restructuring costs of £2.8m incurred during the year relating to Yate consolidation
Derby Multi Sport Arena
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Net Cash Movement
Capital investment programme principally completed in 2025
Debt free and £6m RCF available
Disciplined capital allocation policy
Cash balance prudently managed with ability to capitalise on opportunities
Yate facility anticipated to be realised in 2026
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Continued Capital Investment
Continued investment in capacity and capability
2025 Capital Investment - Plant, equipment & machinery
£m
Tubecon extension (Shafton; £0.43m AUC in 2024) 1.24
Hoard-it and Easi-Edge hire stock 1.18
Assets under construction (Shafton) 0.26
Leases (IFRS 16) 0.17
Plant and Machinery 0.29
Vehicles 0.16
Total 4.58
5-year capital investment and modernisation programme principally completed in 2025.
New Tubecon Production Facility
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Divisional Breakdown
Tubecon activities increasing
2025 Revenue Breakdown
Structural Steel
Safety Solutions
4% 6%
2%
10%
6%
70%
2%
Billington Structures Easi-Edge Marshall Steel Stairs
Hoard-it Shafton Tubecon Specialist Protective Coatings
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Divisional Highlights
Diverse orderbook secured for 2026 and into 2027
Project: Telehouse Admin
Sector: Data
Client: Flynn Construction
Project: Walsall Energy from Waste
Sector: Power Generation Client: KVI
Project: North London Heat and Power Project
Sector: Power Generation Client: Acciona
Project: Project Merlin
Sector: Leisure
Client: Bowmer & Kirkland
Project: South Clyde Energy from Waste
Sector: Power Generation Client: Fortum Glasgow
Project: Stallingborough Interchange
Sector: Industrial Client: CR Reynolds
Project: Doncaster Gateway Sector: Commercial Office Client: Wilmott Dixon
Project: LON1X2
Sector: Data
Client: Collen Construction
Project: Thermotraffic Sector: Commercial Client: TSL Projects
Hallenbeagle RTS
Stallingborough Interchange
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Divisional Highlights
Delivering large metalwork packages for a diverse client base
Project: 1 Liverpool Street Sector: Commercial Offices Client: William Hare
Project: Lidl Distribution Centre
Sector: Distribution Client: J&D Pierce
Project: Bankside Western Yard
Sector: Residential
Client: Multiplex Construction
Project: Deeside Paper Mill
Sector: Industrial Client: J&D Pierce
Project: South Clyde Energy Centre
Sector: Power Generation Client: Billington Structures
Project: HBS Fields
Sector: Industrial
Client: Billington Structures
Project: University of South Wales
Sector: Education Client: Delta Balustrades
Project: Walsall Energy from Waste
Sector: Power Generation Client: Billington Structures
Project: Countess of Chester Hospital
Sector: Health
Client: Delta Balustrades
Deeside Paper Mill
University of South Wales
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Divisional Highlights
Investment in new hire stock continued
Project: Southampton Sports
Sector: Leisure
Client: Morgan Sindall Meterage: 910 lm
Project: Huntingdon Sector: Accommodation Client: Oliver Hind Meterage: 1,611 lm
Project: Olive School
Sector: Education
Client: Reynolds & Litchfield Meterage: 588 lm
Project: Tariff Street Sector: Residential Client: United Living Meterage: 3,103 lm
Project: Bury Market
Sector: Leisure
Client: VINCI Construction Meterage: 1,440 lm
Project: La Grande Mare
Sector: Leisure
Client: Hambleton Steel Meterage: 924 lm
Alconbury Weald, Morgan Sindall
Medical Centre, Square One Construction
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Divisional Highlights
Operated at near full capacity in 2025
Project: Brabazon
Client: YTL Developments Meterage: 500 lm Hire/Sale: Sale
Project: Ardrossan Client: Morgan Sindall Meterage: 600 lm Hire/Sale: Hire
Project: Mayfield
Client: Landsec / Mayfield Meterage: 500 lm Hire/Sale: Sale
Project: Kadans
Client: Morgan Sindall Product: Flush-fit Di-bond with gloss anti-graffiti
Project: Scottish Rugby Client: Scottish Rugby, Murrayfield
Product: Infill Panels with GAG
Project: Populo Living
Client: General Demolition Product: Flush-fit Di-bond with GAG
Scottish Rugby
Eastwick & Sweetwater, McAleer & Rushe
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Divisional Highlights
Market leading steel processing capabilities
Heavy Plate Profiling
Client: GWF Engineering
Shotblasting
Client: Sebden Steel Services
Plate Girder Carcass Production
Client: William Hare
CNC Plate Cutting & Drilling
Client: C Roberts
Shear Punch Fittings
Client: S&A Fabrications
Plasma Profiling & CNC Drilling
Client: Newbridge Engineering
Thick Plate Profiling
Client: Cumbria Profiling
Large Plate Profiling
Client: ADEY Steel
Multi-head Flame Cutting
50mm Thick Hook Shape
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Divisional Highlights
Increased reach of non-structural steelwork markets
Project: Pipe Frame Sector: Infrastructure Client: Direct Engineering
Project: Filter Vessels
Sector: Gas Client: Wefco
Project: Base Plates Sector: Infrastructure Client: Tinsley Bridge
Project: Base Plates
Sector: Infrastructure
Client: Diamond Engineering
Project: Merlin Bridge Sector: Infrastructure Client: Tubecon
Project: Surge Protection Vessel
Sector: Gas Client: Wefco
Project: Walsall EfW Sector: Power Generation Client: Billington Structures
Project: North London Heat and Power Project
Sector: Power Generation Client: Billington Structures
Project: Doncaster Gateway Sector: Commercial Office Client: Billington Structures
Pipe Frame, Direct Engineering
Gas Filter Vessel, Wefco
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Divisional Highlights
Largest order received to date
Project: Cuckoos Hollow
Sector: Infrastructure
Client: Milestone Infrastructure
Project: Meridian Water Sector: Infrastructure Client: Taylor Woodrow
Project: Peterborough Court Canopy
Sector: Commercial Client: OAG
Project: Merlin Footbridge
Sector: Leisure
Client: Bowmer & Kirkland
Project: Monmouth Active Travel Footbridge
Sector: Infrastructure Client: Monmouth Council
Project: Hinxton Bridge Sector: Infrastructure Client: Winvic
Project: National Railway Museum
Sector: Leisure
Client: Graham Construction
Meridian Water
Project Merlin
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Planet People Principles Group Sustainability committee to identify, develop and implement carbon reduction projectsAll Group companies accredited Carbon Neutral
The Company maintains the BCSA Gold Standard awarded for meeting the requirements of the Steel Construction Sustainability Charter
Continued compliance with ISO BS EN 14001 -Environmental Management System
Energy reduction projects implemented
Limited carbon offsetting to UK based projects as chosen by employees
Energy contracts on green tariffs since May 2023
Support the communities in which the companies operates through taking active involvement in community projects and the employment of labour local to construction projects
Apprenticeship commitments via the 5% club apprenticeship scheme
Expansion of partnership with Betterweld to increase volume of apprenticeship training places
Billington Charity Foundation, launched in 2016 to support local and national charities and community activities
Behavioural safety programme - Accident Frequency Rate of 0.09, below industry benchmarks
To ensure the interests of the Company, management, shareholders and wider stakeholders are aligned
As a public company quoted on AIM, transparency is provided for all shareholders as the Company adheres to all reporting requirements
Adheres to QCA Corporate Governance Code
Significant experience and diverse range of expertise on the Board, with Sharon Daly appointed as Non-Executive Director January 2026
Implementation of new QCA code from 2025
Cyber Essentials and Cyber Essentials Plus accreditation maintained in the period
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Sustainability Commitments
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Strategic Milestones and Initiatives
Continued implementation of strategic projects
Strategic Projects and Achievements
Capital investment and modernisation programme principally completeClosure of Yate facility with transfer and expansion of productive resources at Barnsley sites
Construction of new facility and commencement ofTubecon bridgework activities
New client acquisitions during the period
Further SPC diversification into new sectors
Future Initiatives
Investigation and targeting of further projects in the renewables and sustainable energy sectorsFurther expansion of productive capacities at Barnsley facilities
Scaling of Betterweld apprenticeship training academy at Shafton
Production process improvement projects
Realisation of Yate site
Investigations and adoption of AI into engineering and wider business processes
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Strategy - Five P's