TIDMBILN
RNS Number : 2807J
Billington Holdings PLC
26 April 2022
26 April 2022
Billington Holdings Plc
("Billington" or the "Company" or the "Group")
Results for the year ended 31 December 2021
Billington Holdings Plc (AIM: BILN), one of the UK's leading
structural steel and construction safety solutions specialists,
announces its audited results for the year ended 31 December
2021.
Highlights
31 December 31 December Change
2021 2020
Revenue GBP82.7m GBP66.0m 25.3%
Underlying EBITDA* GBP3.3m GBP3.6m -8.3%
Underlying profit before tax* GBP1.3m GBP1.7m -23.5%
Profit before tax GBP0.2m GBP1.7m -88.2%
Underlying profit for the year* GBP1.0m GBP1.4m -28.6%
Cash and cash equivalents GBP10.4m GBP15.1m -31.1%
Underlying earnings per share* 8.1p 11.3p -28.3%
* before an impairment charge of GBP1.1 million relating to a
client with whom the Company was completing a contract which
entered administration shortly after the year end. The Company has
taken the decision to provide for the debt owed while continuing to
seek recovery of the monies.
-- Revenue increased by 25.3 per cent to GBP82.7 million for the
Group (2020: GBP66.0 million) as activity levels improved following
the peak of the pandemic shutdowns experienced in 2020
-- The Group remained profitable in challenging market
conditions with underlying profit before tax of GBP1.3 million
(2020: GBP1.7 million)
-- Continuing strong cash balance of GBP10.4 million (2020:
GBP15.1 million) at the year end with cash position reflective of
higher than historic levels of inventory at the year end
-- Dividend declared of 3.00 pence per share (2020: 4.25 pence
per share) - covered 2.7 times by underlying earnings
-- Large industrial warehouse contracts secured post year end
-- The market remains challenging, but significant contracts
secured for 2022, with a good pipeline of further opportunities
Mark Smith, Chief Executive Officer of Billington,
commented:
"2021 was a year of partial recovery for our markets as the
worst effects of the Covid-19 pandemic abated. However, the Group
continued to face challenges from the continuing impact of the
Covid-19 pandemic, raw material price increases, together with
supply constraints for certain materials and labour. Despite these
challenges we operated our facilities at full utilisation and
remained profitable as a Company.
"Whilst the market remains competitive, and market conditions
and the macroeconomic environment remain challenging, Billington's
order book continues at a consistently high level, comprising both
delayed and new projects, and the Group has good visibility of
significant further prospects. I anticipate an improvement in the
Group's financial performance in 2022 and I am confident about the
future prospects for the Group."
For further information please contact:
Billington Holdings Plc Tel: 0122 634 0666
Mark Smith, Chief Executive
Trevor Taylor, Chief Financial
Officer
W H Ireland Limited Tel: 0207 220 1666
Chris Hardie
Fraser Marshall
IFC Advisory Limited Tel: 0203 934 6630
Tim Metcalfe
Graham Herring
Zach Cohen
About Billington Holdings Plc
Billington Holdings Plc (AIM: BILN), one of the UK's leading
structural steel and construction safety solutions specialists, is
a UK based group of companies focused on structural steel and
engineering activities throughout the UK and European markets.
Group companies pride themselves on the provision of high technical
and professional standards of service to niche markets with
emphasis on building strong, trusted and long-standing partnerships
with all of our clients.
Chairman's Statement
2021 was a year of partial recovery as activity started to
return, although significant impacts from the Covid-19 pandemic
continued to be experienced and challenges such as substantial
increases in steel prices were encountered. Margin pressure
remained across the industry with material price increases and the
availability of certain products and labour arising throughout the
period. However, as with 2020, Billington remained profitable in
2021 and with our strong balance sheet we are well placed to take
advantage of future market recovery.
In 2021 revenue increased by 25.3 per cent to GBP82.7 million
(2020: GBP66.0 million) with underlying profit before tax
decreasing by 23.5 per cent to GBP1.3 million (2020: GBP1.7
million). The overall underlying Earnings Per Share ("EPS") for the
year amounted to 8.1 pence (0.6 pence after impairment charge)
compared with 11.3 pence in 2020, a 28.3 per cent decrease.
However, our balance sheet remained strong with Net Assets of
GBP29.4 million at 31 December 2021 (2020: GBP29.2 million), with a
continuing strong gross cash balance of GBP10.4 million at 31
December 2021 (31 December 2020: GBP15.1 million), despite higher
than historic levels of inventory and contract work in progress at
the year end, partially as a result of forward buying raw materials
to mitigate market price increases.
Billington Structures entered 2021 with a strong order book,
although business was heavily impacted by steel price increases and
the results depressed by lower margin projects. The second half of
the year was particularly challenging to manage as previously
delayed projects commenced. However, the structures businesses
navigated well through these issues and the prospects for 2022 are
more encouraging, with a number of higher margin projects expected.
The conscious decision to take delivery of a large quantity of
steel prior to the year-end was to secure supply and ensure margin
preservation on secured contracts. It is anticipated that the high
steel stock levels at the year end will be consumed by the end of
Q1 2022 leading to a return to historic levels of inventory and
contract work in progress.
Peter Marshall Steel Stairs continued the strong performance
seen in 2020 into 2021, recording record revenues for the year.
Whilst the business was impacted by steel price increases, it
retained robust margins, which were not as heavily impacted as
those in the Group's other structural steel businesses. It
currently enjoys a strong order book with significant prospects to
secure further business.
The Easi-edge perimeter edge protection and fall prevention
business continued to suffer from Covid-19 related delays to the
start of projects and a subdued commercial office market, although
it remained a significant contributor to Group profits. Easi-edge
continues to see good opportunities and continues to innovate. The
Group invested significantly in the business prior to the pandemic
and it is well placed to take advantage of future market
recovery.
Hoard-it enjoyed a strong 2021 operating at full capacity for
much of the year, as projects resumed following the delays
experienced in 2020 due to the Covid-19 pandemic. The positive
momentum experienced in 2021 has continued into the current year
with a good pipeline of new business for 2022.
The onset of the conflict in Ukraine has recently presented new
challenges in our industry. Significant volumes of steel products
originate in Russia and Ukraine and with supplies restricted from
these regions, shortages, and as a consequence price increases,
have been noted for some of the Group's raw materials. Alternative
sources for these products have been sourced and supply constraints
are anticipated to ease as we progress through 2022.
Despite the challenges faced over the last two years, Billington
remains a robust and profitable business, supported by a healthy
balance sheet and a committed workforce. The Group is well placed
to take advantage of the significant number of opportunities at
improving margin levels that are currently being presented.
Pension Scheme
The defined benefit pension scheme (closed to future accrual in
2011) continues in surplus despite the continuing impact of the
pandemic on equity markets. At 31 December 2021 a surplus of
GBP2,673,000 (2020: GBP1,683,000) along with a corresponding
deferred tax liability of GBP668,000, has resulted in a net
recognised surplus of GBP2,005,000 (2020: GBP1,363,000).
The last actuarial valuation which also showed the scheme in
surplus was undertaken as at 31 March 2020 and the next scheme
funding actuarial valuation is due as at 31 March 2023, at which
time the need for any Group contributions will be reviewed.
Dividend
In the first half of 2021 Billington resumed the payment of
dividends with the declaration of a final dividend in relation to
the year ended 31 December 2020 of 4.25 pence per share amounting
to GBP550,000, which was 2.66 times covered by 2020 earnings. The
Board feels it is appropriate for Billington to continue dividend
payments, albeit at a modest level, whilst the impact of Covid-19
continues and markets remain challenging. The Board is therefore
recommending a final dividend of 3.00 pence per share for 2021,
which is covered 2.7 times by underlying earnings. The final
dividend will be paid, subject to shareholder approval at the
Company's AGM, on 4 July 2022, to those shareholders on the
register on 6 June 2022. No interim dividend for 2021 was declared
(2020: nil), a policy consistent with prior years.
Liquidity and capital reserves
In 2021 the Group experienced a net cash outflow of GBP4.7
million (2020: GBP2.7 million net cash outflow) reducing the
Group's gross cash and cash equivalents as at 31 December 2021 to
GBP10.4 million from GBP15.1 million as at 31 December 2020. The
cash balance at 31 December 2021 reflected good cash collection and
certain modest customer pre-payments, offset by an increase in
inventories and work in progress by GBP7.1 million to GBP12.2
million (31 December 2020 GBP5.1 million). The increase in
inventories and work in progress at the year end was reflective of
the Group's planning to mitigate further price increases and to
ensure the availability of materials for contracted projects in Q1
2022.
Going forward the Group's cash continues to provide strong cover
for its working capital requirements and a robust position from
which to take the Group forward. Capital expenditure in 2021 was at
a similar level to 2020 and for 2022 is forecast to rise modestly
as the Group continues to invest in process improvements, together
with capability and service enhancements.
Our People
Throughout the Covid-19 pandemic the focus has been on the
welfare and protection of our dedicated workforce and this has
required significant changes to working practices. The Company has
continued to implement appropriate measures at all our facilities
to ensure that social distancing can be maintained, with the
workforce and our customers protected as far as possible.
At the peak of the pandemic in 2020, 46 per cent of the
workforce were placed on furlough leave. During the later part of
2020 and into the first half of 2021 the majority of those
previously on furlough returned to work. The Company took the
decision to not claim any further furlough monies from the UK
Government from 1 January 2021.
However, the Group did continue to experience Covid-19 related
disruptions to its operations in 2021, with staff required to
isolate, presenting some operational challenges, particularly in
the second half of the year. I am pleased to say that the workforce
rose to meet these challenges, covering for effected colleagues
where possible, and I would like to place on record my thanks for
the hard work, resilience and dedication of the Billington
team.
Economic Outlook
During 2021 the impact of the Covid-19 pandemic continued to be
a significant factor influencing the timing and profitability of
contracts. We have managed through these unprecedented times and
whilst there inevitably remain further challenges ahead we sit
poised to deliver on our strategy to drive growth and margin
enhancement in the medium term.
The UK structural steelwork market grew by 16.9 per cent in
2021, following a 20.0 per cent. decline in 2020. Current forecasts
are for the market to continuing growing with an increase of 10.5
per cent in 2022, before the level of growth stabilises at 2.1 per
cent in 2023. However, these forecasts are likely to be subject to
revision as the pace of the recovery from the impact of Covid-19
and the impact of wider macroeconomic factors are assessed.
In addition to the demand issues caused by the pandemic, the
Group has faced further significant increases in structural steel
costs during the year, a Europe wide issue. Whilst iron ore prices
ended the year below the level at the beginning of 2021 there was
considerable volatility during the period, with the intra year high
being nearly three times that of the low point, and increasing
energy costs have also had a larger consequential impact on the
price of steel.
Whilst the Group operates many fixed price supply contracts and
has arrangements in place to mitigate most of the increases in
steel prices, including the forward purchasing of steel where
appropriate, escalation in the costs of consumables and ancillary
products are not normally able to be passed on. Steel prices remain
volatile and increasing energy costs coupled with government
infrastructure based stimulus packages across the globe, and the
development of HS2 in the UK, are providing further inflationary
pressures and are restricting the supply of certain steel
products.
Many of the markets in which Billington operates remain
constrained, with a number of the main construction contractors
continuing under significant pressure as they deliver contracts
that were tendered for some time ago before the current
inflationary pressures materialised. However, the Group will
endeavour to focus on projects with the more robust larger
contractors that can deliver an appropriate margin and we assess
the risks associated with individual projects on a case-by-case
basis. The Group is also looking at its longer-term steel
procurement strategy in order to reduce its reliance on any one
supplier.
Current trading and outlook
The current trading environment continues to be challenging as
we emerge from the global Covid-19 pandemic, particularly in
relation to material price inflation. However, we have seen a
continuing recovery in activity levels and the return of higher
margin opportunities.
We have a robust business that has weathered the pandemic storm
well, supported by a strong balance sheet and committed workforce.
Whilst pricing pressures and other market challenges remain, I
believe Billington is well placed to deliver improved results in
2022.
Ian Lawson
Non-Executive Chairman
25 April 2022
Chief Executive Statement
Operational Review
2021 was a year of further challenge with the Covid-19 pandemic
and its effects continuing to impact the Company. With a partial
recovery in activity levels revenues increased by 25.3 per cent to
GBP82.7 million, however the impact on margins of raw material
price increases and the project mix led to underlying profit before
tax decreasing by 23.5 percent to GBP1.3 million (GBP0.2m after
impairment charge). Post period end we resolved that it would be
prudent to take an impairment charge of GBP1.1 million relating to
a client with whom the Company was completing a contract and who
entered administration shortly after the year end. This event
provided further evidence following previous communications prior
to the year end that there was significant uncertainty regarding
the recoverability of the receivable and contract work in progress
owed by the client at the balance sheet date and is therefore
considered an adjusted post balance sheet event. Whilst we have
decided to provide for the debt owed we continue in dialogue with
the developer to complete the project and recover the outstanding
monies.
That we were able to remain resilient to these challenges and
the underlying business continued to be profitable is a real credit
to the dedication of our workforce and I would like to thank them
all for their efforts.
Group Companies
Billington Structures and Shafton Steel Services
Billington Structures is one of the UK's leading structural
steelwork contractors with a highly experienced workforce capable
of delivering projects from simple building frames to complex
structures in excess of 12,000 tonnes to all market sectors. With
facilities in Barnsley and Bristol and a heritage dating back over
75 years, the business is well recognised and respected in the
industry with the capacity of processing over 50,000 tonnes of
steel per annum.
The Shafton facility operates in two distinct business areas.
The first undertakes activities for Billington Structures. The
second, Shafton Steel Services offers a complete range of steel
profiling services to many diverse external engineering and
construction companies, providing further opportunities to increase
the capacity of the business as well as allowing for the supply of
value added, complementary products and services to enhance the
comprehensive offering of the Group.
The Group's structural steel business started 2021 with a strong
order book with further new business won during the course of the
year, although business was heavily impacted by steel and other
material price increases and the results depressed by lower margin
projects. The level of work undertaken enabled the facilities to be
operated at or near full capacity for much of the period,
sub-contracting production as required to the longstanding,
approved Group supply chain. It is important to the efficient
operation of the structures business that its facilities remain
fully utilised as far as possible. Billington is not alone in this
requirement and the work undertaken during the year enabled the
operation of the facilities to be as efficient as possible and for
the business to be well positioned for the future, particularly as
projects in other sectors that have been delayed by the pandemic
are restarted.
Many of the projects undertaken in 2021 were in areas not
significantly impacted by the Covid-19 pandemic, such as large
distribution warehouses, which have a larger steel content per man
hour than more complex projects such as commercial offices, and as
such attracted a lower margin. 2022 has seen the continued growth
in the company's orderbook and provides confidence of delivering
increased value for its shareholders.
The larger projects undertaken by Billington Structures during
2021 included:
-- Newhurst EfW, Leicestershire - Hitachi Zosen Inova
-- Sandwell Aquatics Centre, Smethwick - Wates Construction
-- Pinewood Studios, Slough - Sir Robert McAlpine
It is pleasing to note that some of the Company's complex and
challenging projects were again recognised in some of the
industry's prestigious awards. Sandwell Aquatics was voted the UK
Tekla award winner in the Sports and Recreation category and
Wenlock Works (Shepherdess Walk) achieved a merit award in the
Structural Steel Design awards.
Billington Structures has a strong order book for 2022 and is
seeing additional significant future project opportunities. This
includes more complex projects, such as fulfilment centres, film
studios and renewable energy infrastructure, at higher margin
levels. Whilst the detailed timing of certain specific projects
remains subject to change, and a number of potentially significant
contracts have yet to be secured, the future prospects for
Billington Structures are encouraging. The Group invested heavily
in stockpiling steel in the later part of 2021 in order to mitigate
against anticipated price increases and any supply issues for
already contracted work. It is anticipated that this steel will be
fully used for projects in the first quarter of 2022 leading to a
return to historic levels of inventory.
Peter Marshall Steel Stairs
Based in Leeds, Peter Marshall Steel Stairs is a specialist
designer, fabricator and installer of bespoke steel staircases,
balustrade systems and secondary steelwork. It has the capability
to deliver stair structures for the largest construction projects
and operates in sectors spanning retail, data, commercial offices,
education, healthcare, rail and many more.
Peter Marshall Steel Stairs continued the strong performance
seen in 2020 into 2021, recording record revenues for the year.
Whilst the business was impacted by steel price increases, it
retained robust margins, which were not as heavily impacted as
those in the Group's other structural steel businesses.
Notable projects undertaken in 2021 included:
-- HH4 Data Centre, Hemel Hempstead - Flynn Contractors
-- Siemens Blade Facility, Hull - J&D Pierce
-- 20 Ropemaker Street, London - William Hare
As one of the largest companies in its sector, during the year
the company received its biggest ever single order, and enjoys a
robust market position, particularly when viewed against its
smaller competitors, in what is a fragmented market. During 2021
Peter Marshall's was often operating at full capacity,
sub-contracting work where appropriate. The Group continues to
review opportunities to increase the capacity of the business and
improve productivity, in what is one of the higher margin areas of
the Group's structural steel business.
The business entered 2022 with a strong order book and
significant prospects to secure further business.
Easi-edge
Easi-edge is a leading site safety solutions provider of
perimeter edge protection and fall prevention systems for hire
within the construction industry. Health and safety is at the core
of the business which operates in a legislation driven market.
In 2021, the business continued to suffer from Covid-19 related
delays to the start of projects and a subdued commercial office
market, although it remained a significant contributor to Group
profits. The limited number of new commercial office developments
currently being undertaken in the UK, in particular has a
significant impact on Easi-edge as these types of projects require
a greater amount of Easi-edge product when compared to most other
types of developments, such as distribution warehouses, undertaken
by the business.
However, Easi-edge continues to see good opportunities, with
utilisation forecast to increase in 2022, although this is not
expected to return to historic levels in the short to medium term
whilst the commercial office market remains subdued.
Projects undertaken by Easi-edge in 2021 included:
-- Cornbrook Commercial Offices, Manchester - ISG Construction
-- Milburngate, Durham - Tolent Construction
-- S1 Kings Cross, London - Elland Steel Structures
The investments made in the business prior to the pandemic,
adding to the stock available for hire, meant 2021, like 2020, was
a year of low capital expenditure, focusing on replacements where
required. However, the business continues to innovate and
Easi-edge's new Core Safe product for the protection of lift shafts
was introduced to the market in 2021.
Hoard-it
Hoard-it produces a unique range of re-usable temporary hoarding
solutions which are environmentally sustainable and available on
both a hire and sale basis tailored to the requirements of its
customers.
Hoard-it enjoyed a strong first half of 2021 and an even
stronger second half, operating at full capacity, as projects
resumed following the delays experienced in 2020 due to the
Covid-19 pandemic.
Projects were undertaken for both existing and new customers, as
the client base expanded in line with the goal of ensuring the
product is the number one choice for main contractors and
developers in the construction industry, particularly in the
residential construction market, where Hoard-it's range of printed
boards and panels are proving attractive to developers looking for
a professional and promotional site image, with added
functionality.
Hoard-it also continued to add to its product offering,
providing additional products used on sites such as accommodation,
trackway, security cameras and graphics. An expanded graphics
solution, Brand-it, was introduced in the first half of 2021, which
is being utilised on both Hoard-it's own products and on those
produced by others. Brand-it's site graphics solutions enable site
perimeter hoarding to be a prime marketing tool with added
functionality such as anti-graffiti and anti-climbing coatings.
Notable projects in 2021 undertaken by Hoard-it included:
-- Platform 6 Kings Cross, London - Morgan Sindall Construction
-- Nightingale Hospitals, Various - Graham Construction
-- Hull Maritime Museum, Hull - Simpson
Following significant capital expenditure in 2020 to increase
the hire stock level the Group continued to invest in Hoard-it
during 2021, in particular bulk buying board to ensure supply was
always available and mitigating cost increases as far as
possible.
Hoard-it entered 2022 with a good pipeline of new business and
the positive momentum experienced in 2021 has continued into the
current year.
Our People
The pandemic related challenges faced in 2020 continued in 2021,
with particular disruption experienced in the second half of the
year due to Covid-19 related staff absences. I am pleased to say
that the Billington workforce rose to these challenges, covering
for staff absences as diligently as possible, and showing the
resilience and flexibility required to maintain the Group in a
strong position.
Average staff numbers in 2021 decreased 1.8 per cent, with 391
employed at the year end.
We anticipate a modest increase in staff numbers in 2022 as
activity levels increase, although attracting sufficient,
experienced, quality people remains a challenge for both Billington
and the industry as a whole. The Group therefore continues its
focus on developing its people and has implemented a number of
training initiatives to assist in overcoming this issue.
Of particular note is the welding school we have established in
partnership with Betterweld to help mitigate the shortage of
skilled fabricator welders. We have increased our number of
apprentices in this area and through a structured training
programme we aim to provide the next generation with the
appropriate skills for our industry.
Billington maintains close relationships with other local
education providers, with continuing support being provided to both
Barnsley College and the University of Sheffield Engineering
Department. The Company regularly attends educational career days,
hosts school visits to its sites and seeks to develop talent from a
young age with its range of internal training programmes across all
departments of the business.
Billington also continues to actively promote its apprenticeship
and graduate schemes in other areas, particularly focusing on
technical staff. These programmes are geared to help the business
maintain the necessary skills and expertise to meet both its
current and future requirements.
Additionally, Billington continues as an advocate, promotor and
contributor to the British Constructional Steelwork Association's
CRAFT apprentice programme. The scheme has become an important path
for the Company to train, educate and progress structural steelwork
fabricators. The scheme ensures that the Company possesses the
necessary and appropriate skills to enable it to deliver for its
clients and be at the forefront of new processes and techniques,
driving manufacturing efficiencies.
Health, Safety, Sustainability, Quality and the Environment
A commitment to health, safety, sustainability, quality and the
environment is core to everything that Billington does.
In light of the Covid-19 pandemic the health and wellbeing of
our staff and customers has, and continues to be, of the highest
priority. The significant changes made in 2020 to the way we
operate to allow for social distancing, home working by office
staff where appropriate and to provide a healthy working
environment for those working in our facilities and on sites,
continued and was adapted as appropriate in 2021. We are regularly
reviewing our working practices to ensure we meet best practice and
ensure all appropriate measures are taken to ensure the health and
wellbeing of our staff, subcontractors and customers.
Across the Group, led by our Health and Safety department, we
work to ensure that continued progress can be achieved in enhancing
working practices and improving the safety culture at all the
Group's facilities and in our on-site activities. We are also
actively involved in a number of initiatives both locally and
nationwide to ensure the safety of our staff and to minimise the
impact of our operations on the environment. The Group aims to be
proactive in the identification, reporting and resolution of risks
both on site and in our production facilities to ensure that we are
able mitigate the risks and promote safe ways of working.
Charity
Billington continues to be a significant advocate and supporter
of both local and national charities. In 2017 the Billington
Charity Foundation was established in order to focus efforts. In
2021 Billington has continued to actively support many charity
programmes.
Throughout 2021, Billington donated to charities including
Macmillan, Mind and Barnsley Hospice, together with a range of
local sports teams and other causes that our employees are involved
with.
Billington actively supports a diverse range of charitable and
social causes that our employees are involved with, and the Group
encourages involvement in initiatives intended to improve the local
areas in which our people live.
Customers and Suppliers - Ethical Trading
The Company recognises the need to maintain a supply chain that
adheres to and is aligned with our environmental, social and
commercial objectives and policies.
Billington is committed to carrying out all dealings with
clients, suppliers, sub-contractors and its own staff in a fair,
open and honest manner. It is also committed to complying with all
legislative and regulatory requirements that are relevant to its
business activities and monitors these on a regular basis.
The Company communicates fully and openly with customers
regarding costs of work undertaken and will provide accurate and
honest guidance and advice to customers to ensure their
requirements are met.
The Company strives to develop positive relationships with
suppliers to ensure both parties understand each other's problems
and requirements. It will not use current or potential contracts to
coerce suppliers into unsustainable offers.
The Company treats its staff fairly in all aspects of their
employment, valuing their contribution to the achievement of
Company objectives and providing them with opportunities for
training and development.
The Company is proud of its long standing and committed partner
relationships with its supply chain and in turn seeks to treat them
fairly with timely payment for works and the implementation of a
'no retention' policy.
Steel Industry
Throughout 2021, the dominant theme has been the increase in
steel prices across Europe. This has primarily been driven by
increased energy costs, although extreme volatility in iron ore
prices during the period, coupled with overall increases in scrap
steel values, has led to consequential price increases in the wide
range of steel products that the Group sources from a variety of
steel producers worldwide.
In 2021 these price increases were in the order of 60 per cent,
on top of the c.40 per cent. increases seen in 2020. We anticipated
a more stable supply picture in 2022, with previous supply
constraints removed and Billington benefiting from its scale in the
market and trading relationships with its primary supply chain. The
onset of the conflict in Ukraine has noted a restriction in some
raw materials used in the steel making process of some steel
products and further price rises have been encountered as a
result.
As stated previously, Billington keeps its steel supply options
under constant review and employs a variety of measures to allow
the Company to reduce its exposure to volatility in steel prices
and any variability in supply over the short term. This hedging
strategy, coupled with the stockpiling seen in the later part of
2021, enables most projects to be covered up to six months out,
mitigating the immediate impact. Although, over the longer-term
price rises are passed onto customers as far as possible. The Group
is also reviewing its steel procurement strategy in order to reduce
its reliance on any one supplier as far as possible.
Strategy and Acquisition
The Group has implemented a strategy to improve operating
margins over the medium term through the investment and upgrading
of some principal items of capital equipment, combined with
projects to increase the capacity from the company's fixed asset
base. These projects shall ensure the Group maximises the inherent
value within the business and capitalises upon its strong market
position within the industry.
Post period end we established a new trading subsidiary,
Specialist Protective Coatings Ltd ("SPC"), following the Company's
acquisition of the trading assets of Orrmac Coatings Ltd, a
specialist painting company based in Sheffield, UK, out of
administration. The Group has been seeking to expand its painting
capabilities for some time and the acquisition presented an
excellent opportunity to strengthen the Group's internal offering
in this area as well as providing a specialist service to the wider
market. Since Billington acquired the trading assets of Orrmac
Coatings, sited from the 55,000 square foot facility in Sheffield,
it has undergone a substantial refurbishment and investment
programme to ensure the facility is able to effectively service the
most demanding of projects, including shotblasting and lifting
capabilities for steel assemblies that are amongst the largest
capacity in the UK.
The incorporation of SPC will provide the Group with increased
control of a significant subcontract trade that had previously been
outsourced and ensure the margin associated with this trade is
maintained within the business.
Prospects and Outlook
The Group continued to face challenges during the year, both
from the continuing impact of the Covid-19 pandemic, particularly
in relation to staff absences, and raw material price increases,
together with supply constraints for certain materials and labour.
However, whilst the overall market continues to be challenging, the
Directors believe the outlook for Billington is encouraging.
We remain in a financially robust position and I believe all our
businesses are well placed for the future. We have weathered the
pandemic well and as the market returns to more normal operating
conditions we are well placed to take advantage. A number of our
competitors and suppliers have suffered to a much greater extent
than Billington, with a number ceasing to trade over the past two
years. This, over the longer term, will aid margin improvement
across the industry and will create opportunities for Billington to
secure new business.
Whilst the potential for continuing material price inflation and
the macroeconomic landscape, particularly with events in Ukraine,
remains a concern the order book continues to grow. The current
order book comprises both delayed and new projects, and the Group
has significant future order prospects, many at improved margins.
There are a number of larger, more complex projects both contracted
and in prospect, and the number and quality of enquires continues
to improve. We are seeing opportunities in all sectors,
particularly large retail distribution warehouses, data centres,
'Gigafactories', food processing developments, film industry,
public sector works, rail infrastructure, together with a return of
some commercial office development projects.
In closing, I would like to thank Billington's Board, employees,
shareholders and all stakeholders for their continued support.
Despite the continuing challenging market conditions I look forward
with optimism that the shoots of recovery seen in 2021 and into the
early part of the current year will continue to gain traction.
Mark Smith
Chief Executive Officer
25 April 2022
Financial Review
Consolidated Income Statement Underlying Non Underlying Total
2021 2021 2021 2020
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 82,720 - 82,720 65,955
Operating profit/(loss) 1,339 (1,123) 216 1,659
Profit/(loss) before
tax 1,302 (1,123) 179 1,667
Profit/(loss) after tax 978 (910) 68 1,369
Profit/(loss) for shareholders 978 (910) 68 1,369
Operating profit margin 1.6% - 0.3% 2.5%
Return on capital employed 8.4% - 1.4% 13.9%
Earnings/(loss) per share
(basic) 8.1p (7.5)p 0.6p 11.3p
Revenue increased 25 per cent year on year primarily as a result
of increased output related to the structural steelwork activities
of the Group. Revenue was also impacted by cost inflation related
to some of the primary input costs of the Group. Over the course
of 2021, as a result of iron ore and energy cost escalation, the
price for steelwork increased by over 100 per cent, with further
increases seen during the early part of 2022.
Forecasts indicate that the consumption of structural steelwork
within the UK increased to 803,000 tonnes in 2021 from 686,000
tonnes in 2020, an increase of 17 per cent. Projections indicate
that consumption will increase by 10.5 per cent to 887,000 tonnes
in 2022 and a further 2.1 per cent to 905,000 tonnes in 2023, allowing
the Group to look forward with optimism in the medium term as the
UK continues to recover from the pandemic.
Underlying operating margins reduced to 1.6 per cent in the year
as a result of overhead cost inflation, input material price increases
that are unable to be hedged, a number of challenging projects
and subdued margins attainable on new contracts. The operating
margin achieved within the Safety Solutions entities, at 14.2 per
cent (2020: 16.9 per cent), was very encouraging and demonstrated
resilience during the period. The level of utilisation for the
hire products within the Safety Solutions division continued to
be impacted primarily as a result of continued low levels of commercial
office construction throughout the UK.
Underlying earnings per share reduced from 11.3 pence in 2020 to
8.1 pence in 2021 (0.6 pence after impairment charge) representing
a decrease of 28 per cent.
Cash management continued to be a primary focus during the year.
The reduction in the gross cash balance to GBP10,382,000 at 31
December 2021 (31 December 2020: GBP15,126,000) was primarily attributable
to working capital requirements increasing GBP3,565,000 in the
period as a consequence of high workloads and the forward purchasing
of raw materials at the period end. The average gross cash balance
during the year was GBP13,390,000 (2020: GBP15,300,000). The continued
strong cash position leaves the Group well placed to achieve both
its short and long-term objectives, while providing financial security
and providing opportunities to invest and mitigate short term price
volatility in some of its primary input costs.
Average staff numbers in 2021 decreased 1.8 per cent to 372, with
an overall rise in staff costs of 1.5 per cent year on year. Industry
wide challenges remain to ensure wage inflation is mitigated and
in attracting sufficient quality resource across all disciplines.
The Group anticipates a modest increase in staff numbers in 2022
as activity returns to pre pandemic levels.
The Shafton facility continues to provide the Group with opportunity
to expand and diversify its operations further optimising the current
resources within the control of the Group.
Consolidated Balance
Sheet
2021 2020
GBP'000 GBP'000
Non current
assets 17,527 16,219
Current assets 35,428 33,340
Current liabilities (21,705) (18,866)
Non current liabilities (1,858) (1,476)
Total equity 29,392 29,217
During the year two significant capital expenditure projects were
completed that were previously paused upon the onset of the pandemic.
One project, at Shafton, related to the investment in a dedicated
plate girder manufacture line to ensure that the Group's offering
was enhanced and could service all its clients' requirements. The
second project related to the replacement of an aged shotblast
machine at its Yate facility.
Further investment projects to improve operational efficiencies
and increase certain manufacture capacities were commenced just
prior to the year end, with the majority of this expenditure to
occur in 2022. At the year end these projects under construction
totalled GBP421,000.
As part of the Group's ongoing strategy to improve operating margins
there is an agreed programme of capital equipment replacement and
enhancement over the next four years.
Within non-current assets, property, plant and equipment increased
by GBP318,000, represented by capital additions of GBP2,351,000,
depreciation charges of GBP1,960,000 and net disposals of GBP73,000.
The defined benefit pension scheme has performed well in the period
against a backdrop of turbulent equity markets. At the year end,
a surplus of GBP2,673,000 along with a corresponding deferred tax
liability of GBP668,000 has resulted in a net recognised surplus
of GBP2,005,000. The scheme was closed to future accrual in 2011.
The net deferred tax liability at the year end was GBP1,108,000
(2020: GBP476,000), being a deferred tax liability of GBP440,000
(2020: GBP156,000) related to temporary timing differences, combined
with a deferred tax liability of GBP668,000 (2020: GBP320,000)
related to the defined benefit pension scheme surplus.
The increase of GBP2,088,000 in current assets included an increase
of GBP7,073,000 in inventories and work in progress, a decrease
of GBP660,000 in trade and other receivables, and a decrease in
the gross cash balance of GBP4,744,000.
Retention balances, contained within trade and other receivables
outstanding at the year end, were GBP1,951,000 (2020: GBP3,110,000).
It is anticipated that GBP1,667,000 will be received within one
year and GBP284,000 in greater than one year.
Trade and other payables increased by GBP2,848,000. Within this,
trade payables increased GBP7,188,000 and was offset through decreases
of GBP2,409,000 related to social security and other taxes and
GBP1,388,000 related to contract losses.
On 1 March 2021 the reverse charge VAT regime by HMRC was implemented.
Under the new procedures VAT is no longer charged, and monies received
to the majority of its customers for on site construction activities.
The new procedure has resulted in an adverse impact on the cash
flows relating to the payments of VAT to HMRC.
Total equity increased by GBP175,000 in the year to GBP29,392,000.
The financial position of the Group at the end of the year remains
robust and provides a strong platform to drive shareholder value.
Consolidated Cash Flow Statement
2021 2020
GBP'000 GBP'000
Result for shareholders 68 1,369
Depreciation 1,960 1,911
Capital expenditure (2,351) (2,216)
Tax paid (246) (844)
Tax per income statement 111 298
Increase in working capital (3,565) (3,088)
Dividends (515) -
Net property loan movement (250) (250)
Others 44 90
Net cash outflow (4,744) (2,730)
Cash at beginning
of year 15,126 17,856
Cash at end
of year 10,382 15,126
Dividends were reinstated in the year following their suspension
in 2020 with GBP515,000 paid in the period.
A dividend has been proposed in respect of the 2021 financial year
of 3 pence per share (GBP388,000), covered 2.7 times underlying
earnings and will be paid to shareholders upon approval at the
AGM in July 2022.
The Group remains committed to treating its suppliers and subcontractors
fairly and to paying them in line with their agreed payment terms.
It is the Group's policy not to withhold retentions from members
of its valued supply chain.
Working capital was as shown
below:
2020 2020
GBP'000 GBP'000
Inventories and work
in progress 12,151 5,078
Trade and other receivables 12,216 12,876
Trade and other payables (21,455) (18,607)
Working capital at end
of year 2,902 (653)
Cash balances at the year end totalled GBP10,382,000 and there
were property loans outstanding of GBP1,000,000 representing a
net cash position of GBP9,382,000 (2020: GBP13,876,000). Cash management
and preservation remained a continued focus during the year. The
robust cash position of the Group allowed it to take advantage
of advanced purchase of structural steelwork to mitigate some of
the price escalations during the year and mitigate margin pressure.
The strong cash position provides the Group with financial stability
and allows the investment in capital assets to improve operating
margins and provide a comprehensive service to its clients.
The cash balance was impacted in the year through the transition
to the new reverse charge VAT regime implemented by HMRC from 1
March 2021, the repayment of the deferred VAT liability (GBP671,000)
under the coronavirus deferral scheme and the high level of contract
work in progress at the year end.
The strong year end cash position allows the Group to further invest
in replacing and upgrading some of its capital assets. 2022 to
2025 will see a programme of capital additions, primarily within
the structural steel division of the Group. The additional capital
expenditure will support both an increase in the range of services
the Company can perform as well as replacing a number of aged machines
with more efficient models. Investment in the latest technologies
will ensure Billington can deliver the most challenging projects,
efficiently, for its clients.
Non Underlying Items
Shortly after the year end a client with whom the company was completing
a contract entered administration. The decision has been taken
to provide for the debt owed while continuing in dialogue with
the developer to complete the outstanding contract works and recover
the monies owed.
This event provided further evidence following previous communications
prior to the year end that there was significant uncertainty regarding
the recoverability of the receivable and contract work in progress
owed by the client at the balance sheet date and is therefore considered
an adjusted post balance sheet event.
Pension Scheme
2021 2020
GBP'000 GBP'000
Scheme assets 9,693 9,292
Scheme liabilities (7,020) (7,609)
Surplus 2,673 1,683
Other finance (expense)/income (33) 4
Contributions to defined - -
benefit scheme
To limit the Group's exposure to future potential pension liabilities
the decision was taken to close the remaining Billington defined
benefit pension scheme to future accrual from 1 July 2011. The
scheme's assets have performed well, in a difficult market during
the period, leaving the scheme in a strong position as at the balance
sheet date. The scheme underwent an asset review in the period
and the decision taken to derisk the portfolio and hedge against
future inflation while maximizing returns. As a result the majority
of the schemes assets are now held in government bonds.
The scheme's triennial valuation for the period ended 31 March
2020 was completed on 10 December 2020. The position of the scheme
as at the date of the valuation was an asset position of GBP8,048,000
and a liability position of GBP7,776,000 resulting in a surplus
of GBP272,000. At the valuation date of 31 March 2020, the equity
market had been significantly impacted by the pandemic and as a
consequence affected the value of the assets within the scheme.
The FTSE 100 index at 31 March 2020 was 5,672 and has subsequently
recovered to circa 7,600, an increase of some 34 per cent, before
the assets were transferred into UK government bonds to protect
and manage the strong surplus position of the scheme in the long
term. The next actuarial
valuation is due to be completed as at 31 March 2023.
Employee Share Option Trust (ESOT)
The Group operates an ESOT to allow employees to share in the future,
continued success of the Group, promote productivity and provide
further incentives to recruit and retain employees.
Options are issued based on seniority and length of service across
all parts of the Group.
A Long Term Incentive Plan (LTIP) was introduced across the Group
to assist in the remuneration of management and further align the
interests of senior management and shareholders. Awards are made
subject to achieving progressive Group performance metrics over
a three year period.
At the year end there were 474,577 share options outstanding at
an average exercise price of GBP0.29 per share (2020: 514,395 shares
at GBP0.43 per share).
The credit included within the accounts in respect of issued options
is GBP53,000 (2020: charge GBP181,000).
Trevor Taylor
Chief Financial
Officer
25 April 2022
Summarised consolidated income statement for the year ended 31
December 2021
Underlying Non-underlying
2021 2021 Total 2021 2020
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 82,720 - 82,720 65,955
Raw materials and consumables (55,784) - (55,784) (40,514)
Other external charges (4,542) - (4,542) (3,917)
Staff costs (16,268) - (16,268) (16,028)
Depreciation (1,960) - (1,960) (1,911)
Other operating charges (2,827) - (2,827) (1,926)
Impairment losses - (1,123) (1,123) -
(81,381) (1,123) (82,504) (64,296)
Operating profit 1,339 (1,123) 216 1,659
Net finance (expense)/income (37) - (37) 8
Profit before tax 1,302 (1,123) 179 1,667
Tax (324) 213 (111) (298)
Profit for the year 978 (910) 68 1,369
Profit for the year attributable
to equity holders of the parent
company 978 (910) 68 1,369
Earnings per share (basic and
diluted) 0.6 p 11.3 p
Summarised consolidated statement of comprehensive income for
the year ended 31 December 2021
2021 2020
GBP'000 GBP'000
Profit for the
year 68 1,369
Other comprehensive income
Items that will not be reclassified subsequently
to profit or loss
Remeasurement of net defined benefit
surplus 1,023 (526)
Movement on deferred tax relating to
pension liability (348) 100
Other comprehensive income, net of tax 675 (426)
Total comprehensive income for the year
attributable to equity holders of the
parent company 743 943
Summarised consolidated statement of financial position as at 31
December 2021
2021 2020
GBP'000 GBP'000 GBP'000 GBP'000
Assets
Non current assets
Property, plant and equipment 14,854 14,536
Pension asset 2,673 1,683
Investments in joint ventures - -
Total non current assets 17,527 16,219
Current assets
Inventories 1,894 908
Contract work in progress 10,257 4,170
Trade and other receivables 12,216 12,876
Current tax receivable 679 260
Cash and cash equivalents 10,382 15,126
Total current assets 35,428 33,340
Total assets 52,955 49,559
Liabilities
Current liabilities
Current portion of long term borrowings 250 250
Trade and other payables 21,455 18,607
Lease liabilities - 9
Total current liabilities 21,705 18,866
Non current liabilities
Long term borrowings 750 1,000
Deferred tax liabilities 1,108 476
Total non current liabilities 1,858 1,476
Total liabilities 23,563 20,342
Net assets 29,392 29,217
Equity
Share capital 1,293 1,293
Share premium 1,864 1,864
Capital redemption reserve 132 132
Other components of equity (770) (783)
Retained earnings 26,873 26,711
Total equity 29,392 29,217
Summarised consolidated cash flow statement for the year ended
31 December 2021
2021 2020
GBP'000 GBP'000
Cash flows from operating activities
Group profit after tax 68 1,369
Taxation paid (246) (844)
Interest received 21 41
Depreciation on property, plant and equipment 1,960 1,911
Share based payment (credit)/charge (53) 181
Profit on sale of property, plant and equipment (221) (274)
Taxation charge recognised in income statement 111 298
Net finance expense/(income) 37 (8)
(Increase)/decrease in inventories and contract
work in progress (7,073) 3,264
Decrease/(increase) in trade and other receivables 660 (5,526)
Increase/(decrease) in trade and other payables 2,848 (826)
Net cash flow from operating activities (1,888) (414)
Cash flows from investing activities
Purchase of property, plant and equipment (2,351) (2,216)
Proceeds from sale of property, plant and
equipment 294 294
Net cash flow from investing activities (2,057) (1,922)
Cash flows from financing activities
Interest paid (25) (37)
Proceeds of bank and other loans - 1,250
Repayment of bank and other loans (250) (1,500)
Capital element of leasing payments (9) (107)
Dividends paid (515) -
Net cash flow from financing activities (799) (394)
Net decrease in cash and cash equivalents (4,744) (2,730)
Cash and cash equivalents at beginning of
period 15,126 17,856
Cash and cash equivalents at end of period 10,382 15,126
Summarised consolidated statement of changes in equity
for the year ended 31 December 2021
Capital
Share redemption Other components Retained
Share capital premium reserve of equity earnings Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2020 1,293 1,864 132 (820) 25,624 28,093
Transactions with
owners
Credit relating to
equity-settled
share based
payments - - - - 181 181
ESOT movement in
year - - - 37 (37) -
Transactions with
owners - - - 37 144 181
Profit for the
financial
year - - - - 1,369 1,369
Other comprehensive
income
Actuarial losses
recognised
in the pension
scheme - - - - (526) (526)
Income tax relating
to
components of
other
comprehensive
income - - - - 100 100
Total comprehensive
income
for the year - - - - 943 943
At 31 December 2020 1,293 1,864 132 (783) 26,711 29,217
Capital
Share redemption Other components Retained
Share capital premium reserve of equity earnings Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2021 1,293 1,864 132 (783) 26,711 29,217
Transactions with
owners
Dividends (note 6) - - - - (515) (515)
Debit relating to
equity-settled
share based
payments - - - - (53) (53)
ESOT movement in
year - - - 13 (13) -
Transactions with
owners - - - 13 (581) (568)
Profit for the
financial
year - - - - 68 68
Other comprehensive
income
Actuarial gain
recognised
in the pension
scheme - - - - 1,023 1,023
Income tax relating
to
components of
other
comprehensive
income - - - - (348) (348)
Total comprehensive
income
for the year - - - - 743 743
At 31 December 2021 1,293 1,864 132 (770) 26,873 29,392
The Group retained earnings reserve includes a surplus of GBP2,005,000 (2020 -
GBP1,363,000) relating to the net pension surplus.
Notes forming part of the Group financial statements for the
year ended 31 December 2021
1) Basis of preparation
The financial information in this preliminary announcement has
been prepared in accordance with accounting policies which are
based on the International Financial Reporting Standards (IFRSs) as
adopted by the UK and in issue and in effect at 31 December
2021.
2) Accounts
The summary accounts set out above do not constitute statutory
accounts as defined by Section 434 of the UK Companies Act 2006.
The summarised consolidated balance sheet at 31 December 2021, the
summarised consolidated income statement, the summarised
consolidated statement of comprehensive income, the summarised
consolidated statement of changes in equity and the summarised
consolidated cash flow statement for the year then ended have been
extracted from the Group's 2021 statutory financial statements upon
which the auditor's opinion is unqualified and did not contain a
statement under either sections 498(2) or 498(3) of the Companies
Act 2006. The audit report for the year ended 31 December 2020 did
not contain statements under sections 498(2) or 498(3) of the
Companies Act 2006. The statutory financial statements for the year
ended 31 December 2020 have been delivered to the Registrar of
Companies. The 31 December 2021 accounts were approved by the
directors on 25 April 2022, but have not yet been delivered to the
Registrar of Companies.
3) Earnings per share
Earnings per share and underlying earnings per share are
calculated by dividing the profit for the year of GBP68,000 and
underlying profit for the year of GBP886,000 respectively (2020:
profit - GBP1,369,000) by 12,106,797 (2020: 12,082,548) fully paid
ordinary shares, being the weighted average number of ordinary
shares in issue during the year, excluding those held in the
ESOT.
There is no impact on a full dilution of the earnings per share
calculation as there are no potentially dilutive ordinary
shares.
4) Reports, Accounts & AGM
The Annual Report and Accounts for the year ended 31 December
2021 will be available on the Company's website
www.billington-holdings.plc.uk from no later than 20 May 2022.
The Annual General Meeting will be held on 31 May 2022 at 14.00
at Billington Holdings Plc, Steel House, Barnsley Road, Wombwell,
South Yorkshire S73 8DS.
5) Segmental Information
The Group trading operations of Billington Holdings Plc are in
Structural Steelwork and Safety Solutions, and all are continuing.
The Structural Steelwork segment includes the activities of
Billington Structures Limited and Peter Marshall Steel Stairs
Limited, and the Safety Solutions segment includes the activities
of Easi-edge Limited and Hoard-it Limited. The Group activities,
comprising services and assets provided to Group companies and a
small element of external property rentals and management charges,
are shown in Other. All assets of the Group reside in the UK.
31 December 2021 Structural Safety
Steelwork Solutions Central Total
GBP'000 GBP'000 GBP'000 GBP'000
Segment revenues 73,960 8,760 - 82,720
Raw materials and consumables (52,948) (2,836) - (55,784)
Other external
charges (3,261) (1,281) - (4,542)
Staff costs (13,008) (1,623) (1,637) (16,268)
Depreciation (663) (1,023) (274) (1,960)
Other operating
charges (4,096) (756) 2,025 (2,827)
Segment operating profit/(loss)
- underlying (16) 1,241 114 1,339
Impairment losses - non-underlying (1,123) - - (1,123)
Segment operating profit/(loss) (1,139) 1,241 114 216
31 December 2020 Structural Safety
Steelwork Solutions Central Total
GBP'000 GBP'000 GBP'000 GBP'000
Segment revenues 58,591 7,364 - 65,955
Raw materials and consumables (38,534) (1,980) - (40,514)
Other external
charges (2,748) (1,169) - (3,917)
Staff costs (12,811) (1,612) (1,605) (16,028)
Depreciation (636) (972) (303) (1,911)
Other operating
charges (3,475) (389) 1,938 (1,926)
Segment operating
profit 387 1,242 30 1,659
6) Dividend
A final dividend has been proposed in respect of 2021 of 3.0
pence per ordinary share (GBP388,000) (2020: 4.25 pence) per
ordinary share (GBP550,000). As the distribution of dividends by
Billington Holdings Plc requires approval at the shareholders'
meeting, no liability in this respect is recognised in the
consolidated financial statements.
7) Going Concern
The consolidated financial statements have been prepared on a
going concern basis. The Directors have taken note of the guidance
issued by the Financial Reporting Council on Going Concern
Assessments in determining that this is the appropriate basis of
preparation of the financial statements and have considered a
number of factors.
The financial position of the Group, its continued positive
trading performance in 2021 and cash flows are detailed in the
Financial Review and they demonstrate the robust position of the
Group heading into 2022.
The Group has a gross cash balance of GBP10.4 million at 31
December 2021 and no significant long-term borrowings or
commitments.
The Directors have prepared forecasts covering the period to
April 2023 and approved by the Board in March 2022. The uncertainty
as to the future continued impact on the Group and the Company of
the Covid-19 outbreak has been separately considered as part of the
Directors' consideration of the going concern basis of
preparation.
The continued support of the construction industry by the UK
Government and the ability shown by the business to react and adapt
to the challenges of the last twelve months provides a degree of
confidence that the Group will be able to maintain its output
throughout the current and any future lockdowns. Furthermore, the
current orderbook secured for 2022 allows the Group to look forward
with an increasing degree of optimism.
The Directors expect that the Group has sufficient resources to
enable it to continue to adopt the going concern basis in preparing
the financial statements.
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END
FR SELFUIEESEEL
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April 26, 2022 10:06 ET (14:06 GMT)
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