Brickability trades in line with management expectations despite BSR delays

(Sharecast News) - Specialist products and services firm Brickability Group said on Tuesday that its first-half financial performance was in line with internal expectations, with revenues up approximately 4.9%.

Brickability said H1 revenues came to �347.0m, up from �330.9m a year earlier, despite the "slow pace of recovery" in housing starts and RMI, as well as continued delays in Building Safety Regulator approvals.

The AIM-listed firm said its specialist teams across bricks and building materials, importing, and distribution divisions had each delivered year-on-year growth in both revenue and underlying earnings. Its contracting division also continued to benefit from a multi-year order book and pipeline of more than �150m in aggregate, underpinned by regulatory requirements in the fire remediation sector.

However, Brickability noted that continued delays being experienced by the BSR have affected the phasing of some of its fire remediation projects in its contracting division, such that it now expects "a greater proportion" of the unit's profit to be delivered in the second half of the year when compared to the prior year.

Brickabiliy now anticipates reporting H126 adjusted EBITDA of approximately �28m, little changed when compared to �27.9m at the same time a year earlier, stated before share-based payment expenses of �900,000, up from �500,000. Expectations for the full year remained unchanged.

As of 0840 BST, Brickability shares were down 0.37% at 53.20p.

Reporting by Iain Gilbert at Sharecast.com