Bilby drops after disappointing first half results
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AIM-listed heating, electrical and building services firm Bilby (LON:BILB) has seen its share price plunge 20.38% to 72.45p (as of 14:45 GMT) as statutory profits for the six months ended 30th September dropped by more than a third to £1.1 million. Management said that they still believe full-year results will be ahead of last year, but warned that delays to a gas installation programme and the decision to cease working on MOD properties would negatively impact financial performance.
CEO David Ellingham said: “This has been an important period for the Group. I am pleased that we continued our operational momentum from last year into the first half of this year, expanding our blue-chip customer base and offering additional services to Bilby customers. Since the period end we are pleased to have pushed forward with our buy and build strategy and have acquired Dunham. The acquisition will see the Group broaden its customer base and strengthen its presence in its core markets of London and the South East.“
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