Bilby PLC Trading Update (7079H)
December 02 2015 - 4:03AM
UK Regulatory
TIDMBILB
RNS Number : 7079H
Bilby PLC
02 December 2015
Bilby Plc
("Bilby" or the "Group")
Pre close trading update & Directorate change
Bilby Plc (AIM: BILB.L), the holding company for P&R
Installation Company Limited ("P&R") and Purdy Contracts
Limited ("Purdy"), announces the following trading update ahead of
the announcement of its interim results for the 6 month period
ended 30 September 2015 which are anticipated to be released on 9
December 2015.
Following the acquisition of Purdy in July 2015, the Group is
pleased to confirm that the integration has been a success with
Bilby beginning to benefit from its increased scale. The Group will
continue to target and realise customer synergies and opportunities
that exist for P&R and Purdy.
During the period the Group has continued to deliver strong
growth and has won a number of new contracts in its core South East
market. Furthermore, contracts have been extended with four current
clients reflecting both P&R's and Purdy's high standard of
service.
P&R recently commenced work for Greenwich Council under a
new contract, which was originally expected to start in August
2015. During the delay, P&R did however undertake some
additional but lower margin work with Greenwich Council. Based on
anticipated work under existing contracts, this will result in
P&R's trading performance to be marginally below the Board's
expectations for the year ending March 2016.
Since the period end, Bilby is delighted to announce that
P&R has won a significant framework tender process for gas
support work for the South East Consortium (SEC), a consortium of
housing associations responsible for over 140,000 properties in
South East England. P&R was ranked as the first placed
contractor and offers the potential for the largest scope of
prospective work in its history. The framework period is four
years, with contracts starting in 2016 and able to run for a period
of up to seven years. In addition, Purdy was awarded second
supplier of choice by SEC for electrical services. The combined
success offers Bilby significant new revenue opportunities in 2016
and beyond.
Directorate Change
Bilby is pleased to announce the appointment of Katie O'Reilly
as Finance Director. David Ellingham, who has held the position
since IPO, will assume the new role of Managing and Business
Development Director focusing on Bilby's buy and build strategy.
Darren Dunnett will step down as Managing Director of Bilby to
focus on servicing P&R's expanding order book.
Katherine O'Reilly (age 38) is a Fellow of the Institute of
Chartered Accounts in England and Wales and was awarded the ICAEW's
Corporate Finance qualification by experience in 2010. Katherine
began her career as an auditor of SMEs before transitioning into
Corporate Finance in 2004. Since then, Katherine has worked on over
50 transactions as reporting accountant or due diligence provider,
many of which have included assisting her clients with 'buy and
build' strategies post IPO. Katherine has also advised clients on
the integration of target businesses post-acquisition, providing
input and guidance in the selection and implementation of systems
and controls.
The following additional information is provided in accordance
with AIM Rule 17 and Schedule Two, paragraph (g) of the AIM Rules
for Companies:
Current directorships/partnerships
21/21A Thirsk Road Management Company Limited
Enquiries:
Bilby Plc 020 8300 0300
Phil Copolo, Deputy Executive Chairman
David Ellingham, Finance Director
Panmure Gordon (UK) Limited 020 7886 2500
(Nominated Adviser and Broker)
Mark Taylor
James Greenwood
Hudson Sandler 020 7796 4133
Charlie Jack
Emily Dillon
This information is provided by RNS
The company news service from the London Stock Exchange
END
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