Bilby Plc (AIM:BILB), a leading gas heating, electrical and building services provider, announces its full year results for the twelve months ended 31 March 2020.
· Revenues of £65.4 million (2019 underlying revenues: £69.6 million).
· Adjusted EBITDA1 increased 48% to £4.7 million (2019: £3.2 million).
· Strong adjusted operating cash generation2 of £5.0 million.
· Net debt reduced by £3.7 million (34%) to £7.2 million (2019: £10.9 million).
· Basic earnings per share 2.93 pence per share (2019: loss of 21.29 pence per share).
· Adjusted earnings per share3 increased 11% to 7.10 pence per share (2019: 6.38 pence per share).
· Raised £1.8 million (net of costs) by way of an equity placing.
· Secured restructuring of £9.8 million debt facility post year-end, rebalancing short and medium term debt, including setting new covenants.
· Retained all major customers, achieved contract revenue uplifts and won new contracts totalling £49.1 million.
· 3 year visible revenues4 totalling £172.1 million (2019: £162.3 million).
· Strong progress across all strategic priorities, stemming losses and providing the Group a platform to profitable growth.
· Resolved claim proceedings with East Kent Housing and Carillion Amey with nil settlement to all parties.
· Centralised back-office services includes health and safety, quality, HR, finance, fleet management and IT to introduce efficiencies and build greater cohesion between each subsidiary and Group level.
· Introduced Group-wide policies, improved systems of governance and reporting between subsidiaries and the Group.
· Improved financial reporting systems between subsidiaries and the Group.
Covid-19 and post-year end
· Responded positively to Covid-19 challenges and worked closely with customers to continue providing regulatory compliance, critical repairs and maintenance and specific planned works, whilst facilitating return to normality.
· Work conducted only where social distancing and other protective measures are in place in a safe and compliant environment.
· The Group has demonstrated its resilience in the first quarter of the fiscal year during the impact of Covid-19, with unaudited Revenues and Adjusted EBITDA running at 62% and 75% respectively, compared to previous year.
· Continue to capture new and deferred opportunities from the fallout of Covid-19.
· Net debt at 30 June 2020 comparable to the year-end position at £7.3 million.
1. Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and excluding non-underlying items and before the effect of the implementation of IFRS 16 "Leases", as set out in note 7.
2. Adjusted operating cash generated is stated before the effect of IFRS 16 and after adding back £1.9 million cash payments incurred in the year ended 31 March 2020 relating to exceptional costs reported in the prior year.
3. Adjusted earnings per share is the profit, before deducting non-underlying items, after tax divided by the weighted average number of ordinary shares which is set out in note 13.
4. 3 year visible revenues are the minimum identifiable revenues, over the following 3 year period; being contracted or anticipated spend as well as historical run rates.
Commenting on the results and prospects, David Bullen, Chief Executive Officer, said:
"I am pleased with the progress that was made last year in addressing the loss-making divisions and implementing the organisational changes required within the Group. Our strong financial recovery reflects the extent of what has been achieved at an operational level, building a solid foundation upon which to grow the business and create long-term sustainable value for all stakeholders.
In addition to addressing the immediate challenges presented by Covid-19, the focus for this current year is to build upon the foundations we have started. This will pave the strategic growth path for the organisation; strengthening our focus on our environmental, social and governance responsibilities whilst underpinning the organisation with continued solid operational and financial performance.
We are resetting our compass and having tackled the legacies of the past, we are now fully focused on the positive potential of the future.
The Group is in a far stronger position than it was a year ago, and I am confident that our collaborative culture and focus on high-quality customer service will ensure Bilby emerges in a strong position to deliver sustainable, profitable growth that creates value for our investors, customers and stakeholders alike."