Bilby PLC Trading Update (9884N)
November 01 2016 - 6:07AM
UK Regulatory
TIDMBILB
RNS Number : 9884N
Bilby PLC
01 November 2016
1 November 2016
Bilby Plc ("Bilby" or the "Group")
Trading Update
Bilby Plc (AIM: BILB.L), the holding company for P&R
Installation Company Limited, Purdy Contracts Limited, Spokemead
Maintenance Limited ("Spokemead"), and DCB (Kent) Limited ("DCB"),
a group of companies that provide gas heating, electrical and
building services, gives the following trading update.
The Group is pleased to announce that the businesses acquired
since the financial year end have continued to trade ahead of
expectations. Spokemead and DCB have both met their earn out
performance conditions for the periods to 30 June 2016 and 31 March
2016 respectively. The integration of these businesses is now
largely complete. The Group continues to benefit from the
subsequent critical mass required to tender for larger contracts as
well as the ability to cross-sell services now available within the
Bilby Group. The Board is also pleased to note that companies
within the Group are already working together on joint projects for
new and mutual customers.
However, a long standing and major public sector customer of the
Group has, during the period, changed the processes by which they
manage their outsourced building services work. This has resulted
in both delays to expected work and certain work being taken in
house by the customer. The Group is confident that this development
is no reflection of any change to Bilby's highly regarded
reputation for operational excellence nor any wider market trend.
Nevertheless, as a result of the above, and certain other
additional costs incurred by the Company in the first half of the
financial year, the Board has revised down its financial
expectations for the financial year ending 31 March 2017 with
revenue expected to be impacted by approximately 10 per cent. and
EBITDA by approximately 25 per cent.
The Board continues to strongly believe that the opportunities
for the Bilby Group in social housing remain very strong especially
in its targeted geographical locations, namely London and South
East England. This confidence is underpinned by newly awarded
contracts throughout the Group that continue to extend Bilby's
range of services and client base, firmly establishing its building
services division alongside the market-leading gas, plumbing and
drainage services on which the business was founded.
This announcement contains inside information.
Enquiries:
Bilby Plc 020 8269 3777
Phil Copolo, Deputy Executive Chairman
Katie O'Reilly, Finance Director
Cenkos 020 7397 8900
(Nominated Adviser and Broker)
Bobbie Hilliam
Hudson Sandler 020 7796 4133
(Financial PR)
Charlie Jack
Emily Dillon
This information is provided by RNS
The company news service from the London Stock Exchange
END
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