Strong performance despite economic challenges.
Brickability Group plc (AIM: BRCK), the leading construction materials distributor, is pleased to announce its preliminary results for the twelve-month period ended 31 March 2021.
Financial Highlights
- Strong recovery following initial COVID-19 lockdown
- Group revenue of £181.1 million (2020: £187.1 million)
- Decline of 13.2% in like-for-like revenue impacted by trading restrictions
- Adjusted EBITDA of £17.5 million (2020: £19.5 million)
- Improved gross margin to 21.0% (2020: 20.1%)
- Reduction in bank borrowings of £9.1 million, with £14.1 million facility headroom remaining as at 31 March 2021
- Continued, disciplined approach to cost management
- Final dividend declared of 1.0850p per share giving a total dividend for the year of 1.9528p
| 2021 £m | 2020 £m | % Change | |
| Revenue | 181.1 | 187.1 | (3.2) |
| Gross profit | 38.0 | 37.7 | 0.8 |
| Adjusted EBITDA (1) | 17.5 | 19.5 | (10.1) |
| Profit before tax | 11.2 | 12.2 | (8.4) |
| Adjusted profit before tax (2) | 15.0 | 17.0 | (11.8) |
| EPS | 4.19p | 4.79p | (12.5) |
| Adjusted EPS (3) | 5.56p | 7.27p | (23.5) |
| Net (debt)/ cash (4) | (7.3) | 2.3 | |
| Annual dividends paid and proposed per share | 1.9528p | 1.9528p |
Operational Summary
- Two new acquisitions completed in the year
- Investment in new 63,000 sq. ft warehouse within Heating, Plumbing and Joinery division
- Launch of new ceramic tile business in January 2021
- Strong acquisition pipeline continues provide opportunities to add to the Group’s distribution and product offering
- COVID-19 Health and Safety protocols successfully implemented
- Adapted well to new customs and import procedures post Brexit
Post Period and Outlook
- Acquisitions of Taylor Maxwell, in June 2021, and Leadcraft, as announced in August 2021
- Oversubscribed share placing, raising equity finance of £55 million
- Borrowing facility limit increased to £60 million following re-financing
- Further expansion of the Bricks and Building Materials division, with property purchased to facilitate a new branch opening within the U Plastics business
- Increased output in construction and housebuilding forecast for the remainder of 2021 and 2022
- Ongoing review and progression of acquisition opportunities
- Trading in first quarter of FY2022 encouraging
- Robust and improving construction market and the order book is strong
- Acquisition pipeline going forward looks promising
- Earnings before interest, tax, depreciation, amortisation and non-underlying items (See Financial Review and note 5).
- Statutory profit before tax excluding non-underlying items (see Financial Review and note 5).
- Adjusted profit after tax (statutory profit after tax before non-underlying items) divided by the weighted average number of shares in the year.
- Bank borrowings less cash (2020: cash less bank borrowings).
John Richards, Chairman, said: “FY2021 has been another strong year for Brickability Group. 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. This is underscored by the two strategic acquisitions we made during the year.
“Post year end the acquisition of Taylor Maxwell further underpinned our strategic diversification, adding to the Group’s product offering and its ability to provide timely customer service.
“Against this backdrop 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.”
