Brickability Announces 2023 Full Year Results

TURNOVER was up 31% at construction materials distributor Brickability Group plc, the company announced in its final results for the year.

In the 12-months to 31 March 2023, revenue increased to £681.1m with gross profit up by 30% to £112.9m, giving a gross profit margin of 16.6%. This is a slight reduction on last year (16.7%) which the company says was anticipated due to the full-year inclusion of timber and facades supplier, Taylor Maxwell.

Brickability Group says this performance reflects its position within the industry, despite a challenging sector environment. It said the acquisitions of Modular Clay Products in May 2022, and E.T. Clay and Heritage Clay Tile in September 2022 are now integrated and contributing to the Group’s 2023 results. It also completed the acquisition of Precision Façade Systems Ltd in June 2023 for £600,000.

Expansion Plans

The company reports plans to further expand its distribution division, with property purchased towards more new branch openings within the U Plastics business, as well as a warehouse for HBS NE (trading as UPOWA).

John Richards, Chairman of Brickability, said: “It has been another strong 12 months for the Group. Our continued focus on the strategic expansion and diversification of the business has seen the Group achieve impressive growth in the year.

“Over the past year, the housebuilding market has been faced with new challenges arising from the macroeconomic and geopolitical environment. Considering the headwinds faced in the wider market environment, the Board is very pleased with the Group’s performance.”

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

New CEO

Frank Hanna will join the Group as ‘CEO designate’, planning to take over from Alan Simpson who will be stepping down but remain as a major shareholder and will continue to work in a non-board role.

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