Proactive Investors - Billington Holdings PLC saw its shares advance after the AIM-listed firm said it now expects profit before tax for the year ending 31 December 2023 to be ahead of market expectations, as well as that for the year ended 31 December 2022, as previously indicated.
In a trading update ahead of the release of its full-year 2022 results, scheduled for 18 April 2023, the company, one of the UK's leading structural steel and construction safety solutions specialists, said that trading has continued to be strong, with further good quality orders secured in the current year and a healthy pipeline of opportunities.
As outlined in the company's trading update for the year to 31 December 2022, announced on 14 December 2022, Billington has a strong order book at improved margin levels, and a significant pipeline of opportunities and, following the close of the year-end, the company now expects to report profit before tax ahead of market expectations for the year ended 31 December 2022.
As a result of strong cash management during 2022, combined with confidence in future earnings and related cash generation, Billington said its board expects to declare a final dividend for the year ended 31 December 2022 also ahead of market expectations.
In the trading update, Mark Smith, CEO of Billington, commented: "The recovery in activity we experienced in 2022 has continued into 2023. The benefit of efficiency enhancements implemented throughout the Group, combined with a strong order book and a healthy pipeline of further opportunities, provides increased confidence in delivering an improved Group financial performance.
"I am therefore pleased to report that I now expect the Group to achieve profits for 2023 ahead of current market expectations. I look forward to commenting further on current trading at the time of the release of our 2022 results on 18 April 2023."
In early morning trading, shares in Billington were 8.6% higher at 380p.