Brickability remains resilient in 'challenging market'

By Tom Kilkelly

12 October 2023

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Bracknell-based Brickability, the construction materials distributor, has revealed its financial performance in a trading update for the six-month period to 30 September 2023.

The company has said that performance was 'in line with expectations'. Brickability posted a 14 per cent decrease in group revenue, going from £352.7 million last year to £324 million in H1 FY24.

This decreased revenue has been attributed to both the impact of acquisitions and also the landscape of a 'challenging market'.

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The Group also announced its acquisition of Topek Limited for £45 million. Brickability has said that this acquisition will significantly increase the Group's presence in the cladding remediation market.

John Richards, Chairman of Brickability, said: "It is pleasing to report that the Board will be reporting H1 FY24 performance in line with Board expectations in spite of more challenging trading conditions.

''Whilst the second half of the year is anticipated to see industry wide volume reductions, from which the Group is not immune, the Board believes that Brickability's diversified, multi-business, approach enables the Group to continue to perform well in the current market backdrop and that this strategy best positions the Group for the future.

"This Acquisition is the Group's second largest to date, and a very exciting one in our continued diversification strategy. We believe this Acquisition will deliver significant value for our shareholders".

By Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022.

During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan).

His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.