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Brickability revenues grow in first FY since listing

Wed 16 September 2020 08:11 | A A A

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(Sharecast News) - Building materials firm Brickability said on Wednesday that it had traded in line with full-year market expectations at the time of its initial public offering.

Brickability posted a 14.5% increase in group revenues to £187.1m, while adjusted underlying earnings rose 10.1% to £19.5m and pre-tax profits grew 41.7% to £12.2m in the twelve months ended 31 March.

The AIM-listed firm also reported a net cash balance of £2.3m, a marked turnaround from the net debt of £19.5m seen a year earlier.

As a result of the strong showing, Brickability declared a final dividend per share of 1.085p, taking its full-year dividend to 1.9528p.

On to the coronavirus and recent trading, Brickability said all of its business units were now fully operation post-lockdown, with pent-up demand helping it remain confident about future trading.

However, while Brickability said its recovery was "well underway" and its outlook remained "positive", the firm noted this was all dependent on any further Covid-19 impacts.

Chairman John Richards said: "Our market and our economy have clearly had challenges, however, the growing strength of the group along with our flexible cost base has enabled us to be in line with expectations.

"While the outlook is, of course, pandemic dependent, our core market looks strong and this is reflected in current trading levels. We believe that the group is well placed to serve that market and this effort will be reinforced by further organic and acquisition-based growth."

As of 1340 BST, Brickability shares were up 5.75% at 46.0p.

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