Brickability expects to meet profit expectations for the year, thanks to a strong order book running throughout the second half.
The building materials supplier, which is headquartered in Wales, told investors on Monday that revenue increased by 57.8 per cent to £352.7 million and it expects to hit an adjusted EBITDA of £44.5 million for 2022.
Brickabilityenjoyed sales and profit growth across all of its divisions in the last six months on the back of strong demand across the undersupplied construction and housebuilding sector.
Brickability has revealed that it expects to meet market expectations for the full year thanks to a strong order book running throughout the second half
Gross profit increased by 40.8 per cent to £54.9million during the period, while adjusted EBITDA increased by 45.7 per cent to £25.5million.
In light of the buoyant results, the company has announced an interim dividend of 1.01p per share, up from 0.96p for the first half of the year, which will be payable on 23 February 2023.
Brickability shares inched 0.2 per cent higher to 70.67p in early trading on Monday.
Looking ahead, the company says it remains positive but cautioned that the impact of a challenging macroeconomic and geopolitical backdrop is ‘unclear’ running into 2023.
It noted that the limited availability of certain products presented itself as a challenge during 2022 along with volatility in the timber market.
John Richards, Brickability chairman, commented: ‘The first half of the year has seen the group benefit from the earlier strategic decision to move into new market segments within the construction and housebuilding industries thereby diversifying and expanding both the group’s product portfolio and end markets.
‘This, combined with the increase in import and distribution capacity, has significantly increased the group’s customer base which has in turn led to sales and profit growth across all four divisions.
‘Whilst the market continues to be impacted by macroeconomic and geopolitical pressures, the fundamentals of our industry remain strong, albeit the impact of the current UK economic environment on our business during 2023 is unclear.
‘However, having built a robust and increasingly diverse business, we remain confident in the group’s ability to continue to deliver on its strategy and to meet market expectations for the full year.’
Brickability is a leading construction materials distributor, serving customers across the UK and Europe for more 37 years.
The group supplies over 550 million bricks annually and has over 55 locations across the country with over 600 employees.
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