The UK’s fourth largest structural steel firm Billington Holdings has recorded a 31 per cent increase in pre-tax profit due partly to extensive restructuring earlier this year.
In the company’s six month results to 30 June released today, the company revealed that its operating profit was £2.3 million up from £1.8m in 2007.
Over the same period the company’s revenue increased 32 per cent to £36 million.
Billington’s executive chairman Peter Hems said: “We are delighted that the Group’s restructuring has returned such favourable results in the past six months.”
The AIM-listed construction and engineering group sold its contracting business to its management in April 2008 and announced it would focus on its structural steel and engineering business. The formerly named Amco was then renamed Billington Holdings.
Mr Hems said: “The state of the UK economy and the construction sector in particular is a cause for some concern for us and for our competitors.”
He added that the company’s order book stood at £55 million.