In a trading update this morning, Barnsley-based Billington said that orders and margins were continuing to improve and it had a “significant pipeline of opportunities”.
“Consequently, the company now expects adjusted profit before tax for the year ending 31st December 2022 to be significantly ahead of the board’s previous expectations, with revenue remaining unchanged,” it said.
It also said that the 2023 adjusted pre-tax profit was also now expected to be significantly ahead of previous expectations.
Chief executive Mark Smith said: “The recovery in activity we experienced in the first half of 2022 has continued into the second half. We have been focused on implementing efficiency improvements throughout the group that are now being realised. I am therefore pleased to report that whilst revenue will be in line, I expect the group to achieve profits for the current year and for 2023 significantly ahead of the board’s previous expectations.”
In the first six months of 2022 Billington Holdings made a pre-tax profit of £1.3m on revenue of £46.19m.