Brickability Group – BRCK – Final Results

Brickability Group – BRCK – Final Results

Highlights

·    Full year results in line with market expectations at IPO

·    Group revenue increased by 14.6% to £187.1 million (2019: £163.3 million), up 0.6% on like for like basis

·    Adjusted EBITDA* increased by 10.1% to £19.5 million (2019: £17.7 million)

·    Profit before Tax increased by 41.7% to £12.2 million (2019: £8.6 million)

·    £27.2 million of cash on balance sheet at 31 March 2020 with £10 million of undrawn headroom in bank facility

·    Final dividend declared of 1.085p per share giving a total dividend for the year of 1.9528p 

 

Financial Summary

 

2020

£m

2019

£m

%

Change

Revenue

187.1

163.3

14.6

Adjusted EBITDA*

19.5

17.7

10.1

Profit before Tax

12.2

8.6

41.7

Adjusted EPS**

4.03p

2.80p

43.9

Dividends paid and proposed per share in respect of this year

1.9528p

Net Cash/ (Debt)***

2.3

(19.5)

 

*Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation, exceptional and acquisition costs.

**Adjusted EPS is calculated by dividing the profit for the year by the numbers of ordinary shares at IPO

*** Net Cash/(Debt) is defined as cash less bank debt.

 

Operational Summary

·    Completion of successful IPO on AIM

·    Completed seven acquisitions during the year in-line with strategy at IPO

·    Acquisition pipeline continues to build with opportunities to add to distribution and product offering

·    New product ranges added to the Group

·    Management strengthened both on operations and finance

·    Advanced preparations put in place for business continuity post EU withdrawal

 

COVID-19

·    All businesses fully operational post lock down

·    New health & safety protocols in place as a result of COVID-19

·    Post-COVID market expected to see:

Pent-up demand for houses post lock down

Increased demand for houses as opposed to flats

Stamp duty reduction

New Help to Buy scheme 2021-23

Affordable homes programme 2021-26

 

Outlook

·    Underlying fundamentals for new build homes remains robust

·    Recovery well underway and outlook remains positive whilst still dependent on any further COVID-19 impact

·    While April saw tough trading conditions there has been a significant improvement in each month since with EBITDA in both June and July being ahead of the corresponding months in 2019. Current trading remains encouraging with turnover in July 2020 1.6% ahead of July 2019

·    Progressing a healthy pipeline of acquisition opportunities

 

John Richards, Chairman, said:

I am delighted with our results in our first year as a public company.  Our market and our economy have clearly had challenges, however, the growing strength of the group along with our flexible cost base has enabled us to be in line with expectations. While the outlook is of course pandemic dependent, our core market looks strong and this is reflected in current trading levels. We believe that the group is well placed to serve that market and this effort will be reinforced by further organic and acquisition based growth.”

No Comments

Post a Comment