Structural steel and construction safety specialists Billington Holdings (AIM:BILN) saw its shares rally 10% on Monday morning, on news that it had been awarded three new contracts with a combined value of £21 million.
These contracts were awarded to its structural steel division, Billington Structures, with one of the three contracts having been signed with a ‘global multi-national corporation for a value of £12 million.
The company added that the contracts are in the power, manufacturing and commercial office sectors respectively, and that they are set to be delivered between Q4 2020 and throughout 2021.
Responding to the update, company CEO, Mark Smith, commented:
“The award of these three contracts is great news for Billington and is a testament to our team in a continued difficult trading environment. We look forward to working closely with the clients to successfully deliver these projects.”
Following the news, Billington shares are now up 9.71% or 29.60p, rallying to 336.80p per share 21/09/20 10:09 BST. It currently has a 59.28% ‘outperform’ rating set by a poll of Marketbeat‘s community, with 115 votes for ‘outperform’ and 79 for ‘underperform’.
It has a p/e ratio of 7.71, which means it is trading at a less expensive rate than most of its industrial sector products peers, who have an average p/e ratio of 21.06. Similarly, Marketbeat report that Billington has a dividend yield of 8.03%, and a payout ratio of 0.60%.