Brickability Group PLC (AIM:BRCK) has announced its unaudited interim results for the six months ended 30 September 2022, showing a strong performance across all group divisions, despite the macroeconomic and geopolitical backdrop.
The company noted continued strong order intake moving into the second half and said although its board remains vigilant of wider macroeconomic challenges, it is confident in the group's ability to deliver performance in line with market expectations for the full year.
The company saw its first-half revenue increase by 57.8% to £352.7mln (H1 FY22: £223.5mln), with group like-for-like revenue growth of 9.3%.
Brickability said its first-half profit before tax increased by 71.9% to £15.3mln (H1 FY22: £8.9mln) with adjusted EBITDA up by 45.7% to £25.5mln (H1 FY22: £17.5mln). Net debt as of 30 September 2022 was £27.4mln (H1 FY22: net cash £2.8mln).
The company is to pay an increased interim dividend of 1.01p per share (H1 FY22: 0.96p).
In the results statement, John Richards, Brickability's chairman, commented: "The first half of the year has seen the group benefit from the earlier strategic decision to move into new market segments within the construction and housebuilding industries thereby diversifying and expanding both the group's product portfolio and end markets. This, combined with the increase in import and distribution capacity, has significantly increased the group's customer base which has in turn led to sales and profit growth across all four divisions.
"Whilst the market continues to be impacted by macroeconomic and geopolitical pressures, the fundamentals of our industry remain strong, albeit the impact of the current UK economic environment on our business during 2023 is unclear. However, having built a robust and increasingly diverse business, we remain confident in the group's ability to continue to deliver on its strategy and to meet market expectations for the full year."
Brickability is a leading construction materials distributor, serving customers across the UK and Europe for over 37 years through its national and local networks. The group supplies over 550mln bricks annually and has over 55 locations across the country with over 600 employees.