Billington Holdings Plc (AIM:BILN) shares traded lower on Tuesday after it reported a sharp first-half slowdown, as pricing pressure and client-led delays pushed revenue down 28% to £41.78 million.
Profit before tax was 64% lower at £1.67 million.
The structural steel firm said the shift toward more complex, labour-intensive jobs and project deferrals had impacted near-term margins, despite a 5.4% rise in productive hours.
Management warned that full-year results are now anticipated below market expectations, and profit from several large contracts is expected to be recognised in 2026.
The company is currently retaining guidance for 2026 as “in line,” citing a healthy order book and improving momentum in energy-from-waste, nuclear and data centre workstreams.
It ended the period with £18.73m of cash, plus an undrawn revolving credit facility.
Meanwhile, the board said stable steel input costs and hedging have helped manage supply-side risk.
In London, the share was down 40p, 12.4%, changing hands at 284.7p.