Brickability delivers 'solid' FY trading performance despite pandemic-related 'operational challenges'

Construction materials group Brickability said on Tuesday that it had delivered "a solid trading performance" in the year ended 31 March, with annual revenues and adjusted underlying earnings both projected to be ahead of previous expectations.

Revenues for the period were expected to be approximately £180.0m, while adjusted EBITDA was pegged to be in excess of £17.0m despite "significant operational challenges" stemming from the Covid-19 pandemic.

Brickability stated that over the past year, it had maintained its "strong focus on margins and cost control" and added that it had also benefitted from the positive contributions of recent acquisitions, including McCann Logistic.

The AIM-listed firm added that it had seen "no great impact" to operations from the UK Government's latest lockdown measures or from Brexit.

Looking forward, Brickability highlighted that order books indicated confidence in "the robustness of the homebuilding market", and "underlying optimism" that demand would remain strong for quality building materials.

"We remain conscious of the impact of the pandemic to the broader economy and potential uncertainty as to the strength of its recovery, however the group fundamentally believes that the underlying demand for UK housing remains robust and expects to deliver further growth in revenue and profitability during the current financial year," said Birckability.

As 1135 BST, Brickability shares were up 3.61% to 90.14p.