Structural steel contractor Billington Holdings today reported a 28.7 per cent rise in pre-tax profit on turnover down 4.7 per cent.
Barnsley-based Billington reported turnover of £57.2 million for the year to 31 December 2009, down from £60 million. But pre-tax profit increased to £5.3 million from £4.1 million in 2008.
The firm has completed a restructuring which included the disposal of non-core, loss making Dosco Overseas Engineering and its subsidiary Hollybank Engineering for a cash consideration of £1.8 million.
Billington reduced its pension deficit from £5.2 million to £0.2 million while the group’s year end cash more than doubled from £4 million to £8.5 million.
Executive chairman Peter Hems said: “I am delighted at the group’s strong performance for the year.Despite challenging market conditions, we have remained profitable and doubled our cash position.
“The disposal of our loss making non-core assets, Dosco and Hollybank, allows us to focus on our main business of structural steel and building safety systems.
“We have continued to build our presence in the health, defence and education markets and are particularly pleased with our progress with private sector clients including supermarkets.
“Our forward order book has improved and the increased visibility this gives us means we are cautiously optimistic about our prospects in 2010.
“I believe the group is well placed to exploit any market opportunities that arise throughout 2010 and beyond.”