Falling Revenue for Brickability Despite Cladding Acquisitions

A 13% DROP in annual revenue has been announced by Brickability Group PLC, the distributor and provider of specialist construction products and services.

The unaudited preliminary results for the 12-month period ended 31 March 2024 showed a revenue decrease of 12.8% to £594.1m. Gross profit too decreased, by 6.3% to £105.8m.

Group like-for-like revenue (adjusted for the impact of acquisitions) declined 17.9% on the year.

Cladding Acquisitions

The results come despite the company’s acquisitions of Group Topek Holdings Limited in October 2023 and Topek Southern Limited in January 2024.

This allowed the business to move away from its traditional housing markets and focus on the specialist cladding installation and remediation contracting market.

Brickability claimed “resilient performance, despite a challenging sector environment”.

Brickability says its trading in the current financial year to date is in line with management’s expectations. It added that the Board “remains confident” and the business is “well positioned to recover strongly as market conditions improve”.

John Richards, Chairman of Brickability, said: “Over the past year there have been a number of well-documented challenges impacting the housebuilding and RMI markets.

“Against this macro backdrop, the Group has continued to demonstrate resilience and deliver a robust financial performance. It is particularly pleasing to see the Group’s strategic focus on diversification of products and end markets yielding benefits. This, coupled with our capital-efficient business model and continued focus on disciplined capital allocation and cost control, has been a key driver of our resilience.”

>> Read more about Brickability in the news