TIDMBILB
RNS Number : 1950F
Bilby PLC
13 November 2020
13 November 2020
Bilby plc
("Bilby", the "Group" or the "Company")
Trading update and Board restructure
Bilby Plc (AIM: BILB), a leading supplier of gas heating,
electrical and building services, provides the following trading
update for the six months ending 30 September 2020 ("the
Period").
As with many businesses across the UK, the Group's focus during
the first half of the year was to mitigate the impact of the
Covid-19 pandemic as well ensure the safety and wellbeing of
employees and customers. Bilby's swift response and flexibility at
the start of the pandemic ensured the Group could still deliver for
its clients under the UK Government's restrictions; where
appropriate social distancing and protective measures were in
place. During the pandemic, Bilby's employees responded positively
to the challenges by working closely with customers providing
regulatory compliance and critical repairs and maintenance works.
The employees also demonstrated their strong commitment to the
communities in which the Group operates with a range of voluntarily
community support work.
Despite the challenges presented by Covid-19, Bilby has
delivered a robust performance and demonstrated its resilience,
tenacity and stability during this extraordinary period. As
reported at the Full Year Results, the Group saw a drop in revenues
during Q1 directly as a result of Covid-19 where Bilby employees
could not safely access customer properties and certain elements of
planned works were deferred. The nature of Bilby's services meant
that the majority of the work was delayed rather than cancelled
reflected by the 54% uptick in Q2 revenue versus Q1. As a result,
Bilby is expected to report revenues of GBP23.4 million (H1 2020:
GBP29.8 million) and an EBITDA, prior to the effect of IFRS 16
leases, of GBP1.5 million (H1 2019: GBP2.1 million), in line with
the Board's expectations, for the Period.
Following the significant steps the Group took in the previous
year to strengthen its balance sheet and improve its working
capital position, the Group continued to focus on its cash
generation and net debt position in the Period. As a result, the
Group expects to report a 33% decrease of GBP2.3 million in net
debt to GBP4.9 million from GBP7.2 million reported on 31 March
2020. Net cash at the Period end was GBP2.5 million, providing
GBP5.0 million headroom against the overdraft facility.
During the Period, Bilby continued its efforts in driving
further efficiencies and creating greater cohesion within the
Group. This has resulted in exceptional restructuring costs of
GBP0.4 million during the Period delivering an annualised cost
saving of over GBP1 million. Elements of these cost savings are
being reinvested to greater support future revenue generation and
have already generated a positive impact on the business.
Since the arrival of David Bullen as CEO, Bilby has spent the
majority of its time focused on essential restructuring and
creating the required platform from which to drive sustainable,
profitable growth. To ensure that this momentum continues, moving
forward, Lee Venables (COO) will preside over the operational Board
to continue to prioritise delivering operational excellence and
Chris Webster will concentrate on his role as Managing Director of
DCB Kent.
In turn, the Board is pleased to announce the appointment of a
new non-executive director, Caroline Tolhurst, to sit alongside
Sangita Shah and David Guest. Caroline is a Chartered Surveyor and
Chartered Governance Professional with over 30 years' experience in
the property and financial services industry. She is currently is a
Non-Executive at Wynnstay Properties Plc, LocatED Property Limited
and A2Dominion Housing Group Limited. Caroline will join the Board
with effect from 1 December 2020.
The Board will therefore be reconstituted, effective 1 December
2020, to comprise of three non-executive directors and two
executive directors; David Bullen (CEO) and Clive Lovett (Group
FD), building on Bilby's goal to implement best corporate
governance practices.
The Group will publish its Half Year Results for the six months
ending 30 September 2020 on 1 December 2020.
David Bullen, Chief Executive Officer, of Bilby Plc,
commented:
"During the Period, dominated by Covid-19, Bilby has gone above
and beyond to ensure customers continued to receive our critical
services and to support the communities we operate. As a result, we
delivered a resilient performance which is testimony to the
tenacity and stability of our business and a credit to our
hard-working, flexible colleagues across the Group, who continued
performing at high levels despite the challenging
circumstances."
Sangita Shah, Chair, Bilby Plc, commented:
"I am delighted at the appointment of Caroline Tolhurst to the
Board. After an extensive search, we feel that her skill set -
industry know-how together with listed company experience - will
significantly supplement the Board".
The following information is disclosed pursuant to Rule 17 and
Schedule Two paragraph (g) of the AIM Rules for Companies in
relation to Caroline Tolhurst, aged 59 :
Current Directorships Previous Directorships (last 5
years)
A2Dominion Housing Group Limited Exeter House Limited
--------------------------------
A2Dominion Developments Limited Coombe Wood Golf Club Limited
--------------------------------
A2Dominion Residential Limited Coombe Wood Trading Limited
--------------------------------
A2Dominion Homes Limited Women's Pioneer Homes Limited
--------------------------------
A2Dominion South Limited Women's Pioneer Housing Limited
--------------------------------
A2Dominion Housing Options Limited
================================
Wynnstay Properties PLC
================================
LocatED Property Limited
================================
Mont Fort Limited
================================
307 NKR Freehold Limited
================================
Scanreach Limited
================================
Caroline holds no ordinary shares in the capital of the
Company.
Save as disclosed above there are no additional disclosures to
be made in accordance with Rule 17 or Schedule Two paragraph (g) of
the AIM Rules for Companies.
Enquiries
Bilby plc
Sangita Shah, Chairman +44 (0)20 7796 4133
David Bullen, Chief Executive Officer (via Hudson Sandler)
Canaccord Genuity Limited (Nominated Adviser
and Sole Broker) +44 (0)20 7523 8000
Corporate Broking:
Bobbie Hilliam
Andrew Potts
Georgina McCooke
Sales:
Jonathan Barr
Hudson Sandler (Financial PR) +44 (0)20 7796 4133
Charlie Jack
Bertie Berger
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END
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