CONSTRUCTION MATERIALS DISTRIBUTOR, Brickability Group plc announced a 30.9% increase in revenue year on year to £681 million in its trading report for the year ended 31 March 2023.

The Group began the second half of the financial year with each of Brickability’s business divisions delivering strong performances. Despite challenges and uncertainties in the broader economic environment, the Group’s performance in the final quarter of the year has remained resilient, the company says.

Brickability, which includes companies Architectural Facades and SBS Cladding, now expects to report revenues for the full year ended 31 March 2023 of approximately £681 million, a 30.9% increase year on year (FY22: £520 million) and an increase of 4.0% on a like-for-like basis. Adjusted EBITDA will be not less than £50 million, ahead of current market expectations.

Performance of the Group’s timber business normalised during the year following what was an exceptional high in the prior period. The Group’s revenue growth on a LFL basis across all other categories outside of timber was 15.3% when compared to the previous year.

Net debt at the year-end is expected to be approximately £8 million, driven by the increase in expected EBITDA, a reduced working capital outflow and a trimming of capital expenditure.

Robust Demand

Whilst remaining conscious of the challenges in some of its segments in the short-term, the Group believes that the underlying long-term demand for UK housing remains robust as does the demand for quality materials for the construction sector generally.

The business says it “remains confident that the Group is well placed to continue delivering on its strategic objectives and the underlying organic growth of the business”.

The Group’s acquisition pipeline is said to remain strong with the company assessing a number of potential opportunities in line with Brickability’s stated strategy to provide geographic and product expansion.

Publication of its full year results for the 12 months ended 31 March 2023 will follow.

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