21 February 2018
Bilby Plc
("Bilby" or the "Group")
Trading update
Bilby Plc (AIM: BILB.L) the holding company to P&R Installation Company Limited, Purdy Contracts Limited, Spokemead Maintenance Limited and DCB (Kent) Limited, a leading gas heating, electrical and building services provider today gives the following trading update.
As announced at the time of Bilby's interim results in November 2017, the Group made considerable progress during the first half of the current financial year. This included companies within the Group continuing to take market share in their target market of London and the South East, by winning new large-scale contracts with major organisations. These included East Kent Housing, Saxon Weald and Bexley Councils, Groveland Care Homes and additional contract work for the Ministry of Defence. Work for these and other new clients has started positively and in some instances, progress is ahead of schedule.
In addition, Bilby is pleased to confirm that since the beginning of 2018, the Group has already won a number of new clients including Wandsworth Council and the University of Essex. Bilby has also recently won a significant tender to provide gas heating upgrade services for a leading housing association. Furthermore, and testament to Bilby's focus on providing high standards of customer service, a number of existing and long-standing customers, including Hyde Housing, have recently invited Bilby to broaden the scope of work that it provides. This also reflects the success of the Group's buy and build acquisition strategy. Through its four fully-integrated companies, Bilby has been able to increase the services it offers its customers. Customers in turn benefit from the operational synergies and efficiencies created through the Group's tight focus on only the London and South-East market, further supporting Bilby's ability to deliver best in class service.
As a result of these factors, the Board is pleased to advise that revenue and profitability for the year ending 31 March 2018 will be ahead of current market expectations.
Commenting, Sangita Shah, Non-Executive Chairman of Bilby said:
"Our strong performance reflects the success of our core commitment to provide excellent customer service. This focus has driven the growth of our customer base and has given long-standing customers the confidence to increase the scope of work we do for them. Pleasingly, this momentum enables significant long-term revenue visibility and gives the Board confidence that Bilby is well positioned for the years ahead."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
Enquiries
Bilby Plc 020 3874 7088
Phil Copolo, Deputy Executive Chairman
Sangita Shah, Non-Executive Chairman
David Ellingham, Finance Director
Hudson Sandler 0207 796 4133
(Financial PR)
Charlie Jack
Bertie Berger
Northland Capital Partners 0203 861 6625
(Nominated Adviser and Broker)
Corporate Finance:
David Hignell
Matthew Johnson
Broking and Sales:
Bob Pountney
John Howes