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Billington Holdings

  • BY: Andrew Hore |
  • POSTED: 09/07/2013 |

Structural steel supplier Billington Holdings says that an underlying improvement in trading and cost savings mean that trading is better than expected.

The share price jumped 15p to 77.5p, which values Billington at £10.1m.

Billington has made annualised cost savings of £2.8m and this has combined with better trading conditions to move the company back into profit. Structural steel margins are recovering from recent lows and new markets are being developed. Business is being won in northern Europe for the first time.

House broker WH Ireland has edged up its 2013 revenue forecast from £42.1m to £42.6m and increased the profit forecast from £400,000 to £600,000. The shares are trading on 18 times 2013 prospective earnings. Net cash is expected to be £1m at the end of 2013. 

The order book suggests that the improvement in trading will continue.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2013_45.pdf

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