Brickability Group PLC (AIM:BRCK) reported a 200% year-on-year rise in first-half revenues as the construction materials specialist confirmed its order book remained buoyant and that it is “well placed as demand continues to strengthen”.
Chairman John Richards added: “The UK housebuilding market has shown its resilience in recent months as the UK builds new homes at one of the fastest rates since the turn of the century.
“Brickability, as one of the UK’s leading materials distributors, is well-positioned to benefit from the growing demand for materials and has the supply and logistics capabilities to meet the market’s needs. We remain cautiously optimistic for the future.”
This cautious optimism was founded on a strong start to the year as Brickability said revenue for the six months ended September 30 would be around GBP223mln, up 300% on the year-earlier. Excluding acquisitions, growth was 54%. Underlining progress, turnover was 31% up on the pre-pandemic number.
It said underlying earnings (adjusted EBITDA) for the period would be in the region of GBP17mln, more than double the GBP8mln posted 12 months earlier.
It said the integration of Taylor Maxwell, bought in early summer in a deal worth up to GBP63mln, “continues to progress well”.
It added that the newly purchased business was also benefitting from the “aforementioned favourable market conditions” and, in addition, its timber division had delivered “exceptional revenue and profitability since acquisition”.