Construction materials provider Brickability has seen half year intake soar above pre-pandemic levels.
Brickability benefitted from the recovery of the housebuilding market in the six months to September 2021 with revenue up 197 per cent at £223.5m, up from £75.3m a year prior. Shareholders were treated to a payout of 0.96p per share, up from 0.87p in the first half of 2020.
“As the housebuilding and construction market has continued to improve, all our divisions have benefitted from the increased demand which has resulted in a strong order book,” said company chariman, John Richards.
Amid buoyant market conditions the company forged ahead with acquisitions of Taylor Maxwell following a share placing raising equity finance of £55m, and Leadcraft, as announced in August 2021.
“Our strategy of bolt on acquisitions has enabled us to significantly expand our product offering, through the acquisition of Taylor Maxwell and Leadcraft, as well as, seeing the Group enter the renewable energy product space with the acquisition of HBS New Energies and UPOWA, a strategically significant sector for the Group moving forward, post period,” he added.
The company’s bricks and building materials division saw the sharpest increase in revenue, up by 229 per cent, whilst roofing, heating, plumbing and joinery increased by over 50 per cent.
“We believe Brickability is well positioned for the future, and that the scale and diversity of the business, will enable the Group to capitalise on opportunities in the market and further strengthen our positioning,” Richards said.
Looking ahead to 2022, the company’s chief executive said the fundamentals of the UK housebuilding market remain strong and noted that the industry is forecast to continue to grow substantially.