26 April 2024
Brickability Group plc
("Brickability", the "Group" or the
"Company")
Pre-Close Trading
Update
Full year performance in
line with expectations
Brickability Group plc (AIM: BRCK),
the leading construction materials distributor, provides a trading
update for its financial year ended 31 March 2024.
Trading in Q4 was delivered in line
with management expectations, and continued to reflect the lower
levels of demand in Bricks and associated building products
experienced in the first nine months of the year. Group
revenue for the full year is expected to be approximately £594
million, a decrease of c.13% over the prior year (FY23: £681
million) or c.18% lower on a like-for-like ("LFL")
basis.
Full year adjusted
EBITDA1 is expected to be at least £44.8 million, in
line with previous guidance, demonstrating operational resilience
with margins consistent with the prior year performance.
The Group remains in a strong
financial position, with leverage2 as at 31 March 2024
expected to be approximately 1.25x, following the acquisitions of
Group Topek Holdings Limited in October 2023 and TSL Assets Limited
in January 2024. Both acquisitions are performing as expected with
integrations proceeding to plan, and are experiencing strong
forward orders as part of the enlarged Group.
Despite activity levels in the
sector remaining subdued, the Board believes that with leading
positions across a diverse portfolio offering, the Group enters the
new financial year well positioned to benefit materially from a
recovery in its end markets.
The Group will notify the date of
publication of its full year results for the twelve months ended 31
March 2024 in due course.
1. Adjusted EBITDA is defined as earnings
before interest, tax, depreciation and amortisation, share option
expense, acquisition costs and exceptional items.
2. Leverage is defined as net debt
(pre-IFRS) divided by adjusted EBITDA
-ENDS-
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Contact:
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Brickability Group plc
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via Montfort Communications
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John Richards, Chairman
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Frank Hanna, CEO
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Mike Gant, CFO
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Peel
Hunt LLP - Nominated Adviser &
Broker
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+44 (0)20 7418 8900
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Ed Allsopp
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Tom Graham
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Montfort Communications
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+44 (0)20 3514 0897
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James Olley
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Ella Henderson
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About Brickability
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Brickability is a leading construction
materials distributor, serving customers across
the UK and Europe for over 37 years through its
national and local networks. The Group operates from 70 locations
across the country with over 800 employees.
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