Brickability Group PLC (AIM:BRCK) (AIM:BRCK) highlighted a strong recovery since the initial Covid-19 lockdown as it reported results for the twelve months ended March 31.
Group revenue for the year was reported at £181.1mln, versus £187.1mln in the prior year, and the group noted that like-for-like revenues declined by 13.2% due to restrictions on trading during the period. Earnings (adjusted EBITDA) meanwhile totalled £17.5mln, compared to £19.5mln in 2020.
"FY2021 has been another strong year for Brickability Group,” chairman John Richards said.
“In a challenging and uncertain year for the economy at-large Brickability showed its ability to adapt quickly and successfully as well as maintain focus - a real testament to the strength and diversity of the business, and the management team we have.”
Richards added: “We believe that the group is well-positioned to take full advantage of a robust and improving construction market and the order book is strong. The pipeline going forward looks encouraging."
The company said it continued its disciplined approach to cost management. It reduced bank borrowing to £9.1mln and at the end of March it had £14.1mln of remaining facility headroom.
Brickability invested during the year, completing two acquisitions and establishing a new 63,000 square foot warehouse in its Heating, Plumbing and Joinery division. It also launched a new ceramic tile business in January.
It highlighted that the company’s strong acquisition pipeline continues to provide opportunities, to add distribution and product offering.
Since the end of the period, it expanded further with the agreement to acquire Taylor Maxwell.