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Billington Holdings

  • BY: Andrew Hore |
  • POSTED: 20/03/2012 |

Billington Holdings slumped into loss in 2011 but it still has cash in the bank.

The figures were slightly better than revised expectations back in November. Revenues grew from £42.3m to £53.9m but gross margins are declining. Some of the increase came from passing on higher steel costs. Structural steel volumes were 15% higher. The easi-edge safety barrier and hoard-it security hoarding system businesses continue to grow.

A profit of £1.37m in 2010 was turned into a loss of £2.16m in 2011.

There was a cash outflow of £3m, although that includes £1.34mof net capital investment. Net cash is £1.38m. Unsurprisingly there is no dividend.

The steel plants are running single shifts. Annualised cost savings of £2.8m have been achieved at a cost of £472,000. Even so, 2012 will still be difficult.

At 67.5p a share, Billington is valued at £7.82m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMarch2012_30.pdf

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