Bilby PLC Year-end trading update (6874X)
06 May 2021 - 4:00PM
UK Regulatory
TIDMBILB
RNS Number : 6874X
Bilby PLC
06 May 2021
6 May 2021
Bilby plc
("Bilby" or the "Company")
Year-end trading update
Bilby Plc (AIM: BILB), the leading gas heating, electrical and
building services provider, provides the following year-end update
for the twelve months ending 31 March 2021.
Bilby continued delivering essential, regulation-driven
maintenance and building services for its clients, despite the year
being enveloped by the uncertainties stemming from Covid-19 and UK
Government restrictions. Whilst the Company was impacted by often
significant no access rates and delays, Bilby expects to report a
solid performance for the financial year.
Bilby had a strong performance in the second half and, as a
result, expects revenues of approximately GBP60 million for the
full year ending March 2021. However, margins were affected by
higher operational costs arising from the increased no access rates
and mix of works. Adjusted EBITDA for the second half of the year
is expected to be comparable to the first half, delivering
approximately GBP3 million for the full year ending March 2021.
Encouragingly, as we enter the new financial year, there is
evidence that the improving Covid-19 situation is enabling our
clients to plan more confidently for a return to "normality" and we
look forward to this being reflected in our results moving
forward.
The objective to reduce net debt remains a priority for the
Group and we have continued our rigorous focus on working capital
efficiencies, cash conversation and cost management. This has
enabled us to repay an additional GBP2.3 million of our term loan -
over and above the scheduled quarterly payments. Our banking
partner, HSBC, has waived the requirement of covenant measurements
for the first half of the year ending March 2022.
Over the last 18 months, net debt has significantly reduced by
GBP8.4 million; as of 30 September 2019, net debt was GBP11.1
million and at 31 March 2021 was GBP2.7 million, net of cash
balances of GBP1.3 million. At 31 March 2021, Bilby had deferred
GBP1.0 million VAT liabilities which post year-end, in agreement
with HMRC, have started to be paid.
During the pandemic, we have continued to improve the efficiency
of the operations and position the Company to proactively seek
future growth opportunities supported by the stronger balance
sheet. Furthermore, significant progress has been made in
strategically realigning the Company to serve our stakeholders in a
sustainable, profitable way in the future. The outcomes of this
process will be communicated in more detail at the Full Year
Results.
The Company will announce its Full Year Results for the year
ending March 2021 in early July 2021.
Commenting on the results, David Bullen, Chief Executive of
Bilby plc said:
"Our hard work, tenacity and commitment throughout the Covid-19
pandemic to the communities where we operate has demonstrated the
reinvigorated strength of Bilby and robustly positioned us to look
forward to the year ahead with great confidence.
I thank all my colleagues for their dedication, commitment and
support during the challenging year in which they continued to
deliver work to the highest standards in extremely difficult
circumstances. It is these attributes that have produced these
resilient results.
Our repositioning will clearly show that the Group is entering a
new chapter with exciting growth opportunities. We very much look
forward to providing more detail on this at our Full Year Results
in July."
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
Dan de Belder
Bertie Berger
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END
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