Brickability Group PLC (AIM:BRCK) hiked its total dividend 54% to 3p after more than doubling underlying profits in the past year in a performance it said reflected “the group's strategic position within the industry”.
The acquisitive construction materials distributor said trading in the first quarter of its new financial year has been “very encouraging” and the performance of its recent acquisitions leaves it “well positioned to modestly exceed market expectations for the current financial year”.
For the past year 31 March, the company reported revenue of £520.2mln, up 187.2% on the previous year in part thanks to the acquisitions of Taylor Maxwell, Leadcraft and HBS NE in June, August and November 2021 and Beacon Roofing in March 2022.
All four acquisitions have been integrated and are performing in line with or above initial management expectations, the company said.
Adjusting for acquisitions, like-for-like revenue growth was up 31.9% on the prior year and up 40.5% versus the pre-pandemic period.
Underlying earnings (EBITDA) jumped 126% to £34.7mln and statutory profit before tax swelled 64.3% to £18.4mln.
Net cash stood at £0.14mln at year end, compared to net debt of £7.3mln a year earlier, with a £60mln borrowing facility available that was used to acquire Modular Clay Products last month.
Chairman John Richards called it “a transformational year”, noting that the group moved “into new segments within the market, increase our import and distribution capacity, expand our customer and client base and build upon our existing product portfolio, all of which has enabled us to capitalise and respond to the strong demand across our sectors and achieve our key operational and financial objectives”.
He added: “we remain positive with regards to the market outlook and the board is confident in the group's ability to continue delivering on its strategy."