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(Sharecast News) - Structural steel and construction safety company Billington reported continued strong trading in an update on Thursday, lifting its expectations for the 2022 results.
The AIM-traded firm had reported a strong order book in mid-December, with improved margin levels and a significant pipeline of opportunities.
Following the end of 2022, the board said it now expected to report profit before tax ahead of market expectations for the year.
The company said it had continued to perform well in the new year, securing quality orders and maintaining a healthy pipeline of opportunities.
As a result, the directors said they also expected profit before tax for the year ending 31 December 2023 to exceed market expectations as well.
The firm's strong cash management in 2022, combined with confidence in future earnings and related cash generation, had also led the board to anticipate declaring a final dividend for 2022 above market expectations.
"The recovery in activity we experienced in 2022 has continued into 2023," said chief executive officer Mark Smith.
"The benefit of efficiency enhancements implemented throughout the Group, combined with a strong order book and a healthy pipeline of further opportunities, provides increased confidence in delivering an improved group financial performance.
"I am therefore pleased to report that I now expect the group to achieve profits for 2023 ahead of current market expectations."
At 1348 GMT, shares in Billington Holdings were up 11.71% at 391p.
Reporting by Josh White for Sharecast.com.