Billington Holdings Plc ($BILN)

Good afternoon, and welcome to the Billington Holdings plc Investor Presentation. [Operator Instructions] I will now hand you over to the Billings and Holdings management team. Good afternoon.

Good afternoon. I'm Mark Smith, Chief Executive Officer of Billington Holdings plc. I and my colleagues, Trevor Taylor, Chief Operating Officer; and Dave Jones, Chief Financial Officer are pleased to present to you our 2025 year-end results. Our executive summary here provides some of the highlights 2025. Reduced revenue as a result of delivering a smaller number of highly complex projects with a reduced steel content. Underlying operating margin of 3.6% after adjusting for the costs associated with the closure of the Yate facility and consolidation of structural steelwork activities in Barnsley. Profitability has been impacted as a result of subdued macroeconomic environment, combined with margin deferment associated with client-led contract delays. Strong cash balance has been maintained. And the balance sheet remains with 0 debt and the majority of company properties owned outright. Dividend is proposed of 11p per share I didn't cover level consistent with prior years and assess on the underlying earnings. A robust order book with a diverse mix of projects, securing productivity for 2026 and into 2027. New tube Com facility has been constructed and is now fully operational. 5-year capital investment program has been principally completed in the year which is increased quality, efficiency and productivity. There have been a number of executive and nonexecutive Board changes. Trevor Taylor has transitioned into the role of Chief Operating Officer and Dave Jones assumes the role of Chief Financial Officer. Sharon Daly joins the Board as Non-Executive Director and is Chair of the Remuneration Committee from February 2026. Billington Holdings share register. The largest change on the share register has been the introduction of IG markets, principally acquiring their shareholding from [indiscernible] Capital. The share price remains subdued in light of the ongoing conflict in the Middle East. The net asset value per share is GBP 3.78, materially equal to the current share price of GBP 3.80. I'll now hand over to Dave Games to provide an overview of the financial performance for 2025. 2025 note a resilient trading and transition for the Billington Group. The robust group performance in light of subdued market conditions noted an increase in productive output of 4.2%. Revenue at GBP 95.7 million was lower than the prior year, notwithstanding a record level of production as a result of lower raw material steel concept per productive [indiscernible] Underlying profits were lower due to a subdued economic environment, combined with margin recognition being later than was anticipated as a result of client contract delays or some principal projects. Confidence in the current workload of the group milks the proposal of a dividend of 11p per share covered 2.46x underlying earnings, a policy consistent with that of previous years. The strong cash balance at the end of the year of GBP 20.5 million is consistent with the daily average bill cash balance of GBP 19.6 million throughout 2025. The group remains debt free, and we have a 3-year RCF facility with HSBC to enable the group to take advantage of any complementary acquisition opportunities as they arise. The net asset value per share in issue as of 31st December 2025 was GBP 3.78 per share. The balance sheet supported by significant cash and property assets no goodwill and a healthy pension surplus, the current share price only broadly reflects the net asset value of the group. The final cyropension scheme is progressing towards a buyout of the scheme liabilities anticipated to complete in 2026 or early 2027. The 5-year capital expenditure program was principally completed in 2025 with a number of further strategic projects being investigated to enhance and maximize future shareholder returns. With some recent high-profile insolvencies combined with a subdued economic environment in some sectors. The credit insurance market is taking a cautious approach to underwriting sufficient limits on all of the group's clients. The group still materially maintained insurance cover on all ongoing projects. Moving forward into 2026, the group has an excellent workload of secured productive hours with the anticipated time of margin recognition to be more balanced in 2026. This slide provides some of the highlights of the 2025 trading period. Revenue of GBP 95.7 million was reflective of the mix of projects undertaken in the year. Productive output in the form of productive factory hours increased 4.2% in the year, although with comparably less raw material content per productive hour has resulted in a reduction in turnover relative to recent years. The cash balance remains robust with strong working capital management processes throughout the group. The cost associated with the quota of the facility were GBP 2.8 million in the period. consisting of employee-related costs and plant and equipment write-downs. These costs are disclosed is not underlying and will continue growing H1 2026, whilst the closure of the facility is completed. The group remains with a significant surplus relating to our final salary pension scheme and is now seeking to move to all the buyout of the scheme to a dedicated insurer. The process is anticipated to take a further year to complete. The group delivered a basic underlying earnings per share of 27.1p in 2025. 2025 consolidated income statement notes a reduced effective core tax charge resulting from a research and development tax credit. A modest increase in depreciation to 2.7 million, following an increased level of capital expenditures and underlying earnings per share of 21.7p. Revenue and associated profits are anticipated to increase in 2026 because of a more balanced contract mix combined with a relatively consistent level of margin recognition throughout the year. 2025 notes a consistent, strong gross cash balance throughout the year. The daily average cash balance of the group was GBP 19.6 million during 2025. Dividends were paid in the year of GBP 3.21 million and net capital expenditure movement was GBP 1.8 million. The value associated with the rate side is anticipated to be realized in 2026. A strong, consistent cash balance should provide ability to further progress and capitalize upon some's strategic initiatives Dave will provide a brief overview of the capital investment program.

2025 materially notes the completion of the group's 5-year capital investment and modernization programs. One, machine replacement was deferred from 2025 and is now anticipated to be completed in H2 '26. The closure of the Yate facility allows for some relatively new pieces of plant and machinery to be transferred to the Barnsley facilities and therefore, mitigating an element of anticipated future capital expenditure at these sites. The expansion of the Tubecon business and we want to further increase the structural steel capacity and heavy lifting capabilities, notes the construction of a dedicated facility to enable the fabrication and movement the largest and heaviest structures. The facility costing GBP 1.7 million was completed during the year and is now fully operational. The process of replacing the easy edge barrier fleet will continue throughout 2026 and into 2027, with a further GBP 0.5 million anticipated to be incurred over this period. 2026 is anticipated to note GBP 2 million of capital expenditure as a result of the deferred machinery replacement before falling to more normalized levels of between GBP 1 million and GBP 2 million from 2027. I hand back to Mark to take you through the group businesses.

The organic gram shows the makeup of the Billington Holdings Group. As can be seen on the pie chart above note the increased revenue for Specialist Protective Coatings, Holings and Tubecon. The Billington structured proportion of group revenue has fallen to 70% in 2025 from 77% in 2024. Principally, as mentioned previously, due to the complex workload being completed during the year. Turning to structures highlights, note activity in the most buoyant sectors. Data centers and energy from waste with other projects ongoing throughout a variety of sectors. Looking forward, future work is predominantly in the same sectors, although also includes project delivery in the defense sector, education of low-carbon energy production and associated carbon capture facilities. Peter Marshals our steel stair project highlights. As in previous years, it can be noted near the wide range of clients as well as in group trading with Billington to structures. The business continues to operate at year maximum capacity with strong revenues being noted. A wide range of clients, including Billington structures competitors and principally principal contractors directly. We have secured a very robust order book looking forward. sharing the same clients as building structures within the same buoyant sectors, namely data, energy from waste and education. Easi-Edge Site City Solution project highlights as the commercial sector continues to be subdued. Easi-Edge has witnessed utilized the utilization levels of its principal products at reduced levels throughout the course of 2025. There remains a good spread of clients with volumes of work anticipated to increase from Q2 2026. We are investing in replacing our whole barrier fleet with a newly designed lightweight version, which we will continue to roll out over the next 2 years. We are hopeful as the market picks up as well Easi-Edge's revenue and profit. The company notes pricing pressure in the market as competitors discount stock to maintain utilization. Hoard-it Environmental Holding and Brand-it, our graphics branding solution highlights another exceptional year with an excellent increase in revenue and profits to record levels. 2026 has noted a continuation of its buoyant trading and with strong level of inquiries and prospects is anticipating another positive year in 2026. Brand-it the associated marketing division of the business continues to expand its product range and deliver it is services to both internal audit clients as well as other holding systems supplied by others. Hoard-it and Brand-it benefit from being able to deliver to all construction sectors, including the residential sector, utilizing both a sales and higher model. The Shafton Steels services project highlights. Shafton Steel Services is one of the largest steel processing businesses in the U.K. servicing internal and external clients with the cutting, burning, drilling and processing of heavy steel plate. We have continued to install and commission new machinery and there is further investment plan in capacity in 2026 following the deferral of the last item of machinery within the group's capital expenditure and modernization program. Shafton Steel Services are extremely busy, currently servicing its internal clients, but infrastructures and Peter Marshal steel stairs. There is a good external work for respective competitors in construction, engineering as well as wider steel sectors. With the above in mind, there is a strong pipeline throughout 2026 and 2027. Specialist Protective Coatings, the specialist facility supports the wider group's requirements for the application of high-tech treatment and client protective coatings for internal group companies as well as the wider construction and oil and gas partnering industries. The group is yielding the benefit from the significant investment in automated equipment. 2025 notes an exceptional year with an excellent increase in revenue and profits to a record level. As a result of the expansion of capacity and increased resources and [ embroided ] in the night shift. Again, there is a high workload for internal clients, telling instructors and Peter Marshall Steel Stairs which will continue through 2026 into 2027. That has also been work carried out and continues for respected competitors to billing on structures. We are expanding the services of SBC into other areas. And it has recently delivered its first pipeline project for the water industry where we are anticipating a constant work stream over the coming years. The capabilities of the facility in Sheffield set it aside from other painting contractors operating in the market. Tubecon specialist steel and bridge division. The team are now fully embedded within Billings in structures. Tubecon's first contracts have been secured, fabricated, painted and successfully delivered. The new production facility is fully operational and consistently delivering projects for its clients. The division has been awarded its largest order to date and we'll see its target revenue exceeded in 2026. Pleasingly, the margins achieved on its contracts have been margin enhancing to the wider structural steel activities in the group. There's a good order book combined with a strong pipeline of opportunities looking forward, which spans through to the end of 2027. Further resources to expand available capacity of the division are currently being considered. Trevor will now discuss the sustainability and strategic initiatives.

There has been continued good environmental performance with the group maintaining its carbon-neutral status. We have established a sustainability committee during the year. To investigate and implement carbon reduction projects and ensure that our ESG commitments and aspirations are at the heart of the Billington business. We are expanding the better weld Billington apprentice training academy based at Shafton from September 26 to accelerate the installation of capacity at our Barnsley facilities and further addressing the skill shortages within our industry. We will maintain social responsibilities, supporting local and national charities as well as those charities local to our construction projects to our charity set up in 2016. We also continue to identify local labor and apprentices close to our construction projects. We hare gold members of the 5% club, an organization that represents businesses that have 5% or more of their workforce in earn and learn positions. This champions our commitment to modern apprenticeships. We respect the governance required in being a plc listed company, and we will continue to follow on QCA code, implementing changes as new elements of the code come into effect. During the year, we have placed an increased focus on cybersecurity with certain upgrades to infrastructure and working practices to further strengthen the group's resilience has noted an increased focus on strategic projects and initiatives. This has reduced costs, improved processes and increased production efficiencies further enhancing the margins the group is able to generate for its shareholders. In October 2025, we announced the proposal to close our Yate facility and consolidate the structural steel operations of Billington Structures into its Barnsley facilities in [ Morwell ] and Shafton, and it was closed in December following a period of consultation. A number of personnel have since transferred to Barnsley to increase the capacity of the 2 Yorkshire-based facilities, where all of the group resources are located. Over the course of 2026, we seek to replace Yates' capacity in bonding with further recruitment of fabrication resources on an expanded night shift at Shaft and the commencement of a nice shift of the one well facility. These efforts to consolidate the operations of the Yate facility into the 2 Barnsley sites is consistent with our strategy of reducing our cost per productive hour and seeking to enhance the level of margin the business is able to generate. Recently, the construction of our new specialist Bridge wear facility was completed during the year. With this now being fully operational and with secured workload through 2026 and well into 2027. The Tubecon business has secured its largest contract to date and has an established pipeline of opportunities. Our objective to secure contracts with financially stable clients has been successful in that Billington has secured projects with a number of new financially robust clients with home credit insurance is attainable. SPC has further diversified into the water industry, with the delivery of initial orders for the coating of underground water pipelines. With successful delivery of these initial orders and a consistent work stream over the longer term, it is anticipated will provide a valuable work stream of new work in an alternative market sector. There are many future projects been investigated and considered, but we'll seek to increase revenues and enhance margins at our various businesses. Our strategic projects and initiatives are aligned and in consideration of our 5 strategic pillars. Our focus is to proactively identify and manage risk while creating a sustainable, profitable work stream with financially robust clients, using efficient processes to ensure competitiveness and generate a market-leading return for our shareholders. We focus on people, developing, promoting, rewarding and primarily keeping our staff safe. Properties, updating, modernizing expanding and maximizing the facilities to ensure production is safe, efficient and fit for purpose. Products, focusing on quality right first time, providing exceptional service to guarantee, repeat business that protects our company and our clients. Position. We believe we are the best in the business. and aim to maintain this status for our cherish clients, expanding our offering into new markets. Plant, we are committed to ensure that our green initiatives deliver on our commitments and we, as a group, play our part in our road to carbon era. Long-term growth. Our strategy is for long-term growth organically and to acquire and diversify when the right opportunities are presented. We continue to drive our margin improvement through modernization and efficiencies, continuing to reinvest profit back into the developing businesses. We have a well-established succession plan developing and promoting the next generation of managers and directors. In the current market, we have even stronger commercial focus, working hard to secure the best contracts with fair terms and conditions. We have the resources to continue to be acquisitive as a group, and we will review all opportunities that complement and potentially diversify the group's operations into areas where we are able to enhance margin and add value. Mark will now discuss the current position surrounding the U.K. steel market.

The wider steel market, the government subsumed control over British Steel in 2025 with a transfer to public ownership currently being discussed with its legal owners, [ Pinge ] In the meantime, British steel continued to supply the U.K. construction and other steel work markets. After a period of relative stability in relation to steel prices, 2026 started to note steady increases. The ongoing conflict in the Middle East and the associated escalation in fuel cost is having a consequential inflationary impact to raw material steel costs. Billington is principally hedged for its secure workload for raw material steel costs through either price escalation clauses with clients or fixed price arrangements with steel manufacturers or stockholders. The U.K. government have announced their steel strategy for the future in March of this year. This includes import steel quotas and related tariffs for EU and worldwide imports into the U.K. being implemented on the first of July 2026. The level of quota and the related tariffs are currently unknown. And therefore, any resultant impact is currently unable to be [indiscernible] of future opportunities.

This slide shows the Billington's structures historical order book, combined with the number of secured productive hours. As you can see, the work carried over into 2026 and is at near record levels and is at the highest level since June 2024. This workload not only populates '26, but also spans into '27 and consists of a more balanced spread of contracts across a wide variety of market sectors. Projects have been and continue to announce slippage to on-site programs resulting in management of manufacturer slots and working capital. It is currently unknown what impact the ongoing conflict in the Middle East will have on future work opportunities and prospects although the positive order book provides a degree of insulation over the short term. And finally, Mark will take you through the current market outlook and conclude in summary.

Following our subdued market environment in 2025, the number and quality of prospects and contracts noted signs of improvement towards the latter part of the year and into 2026. Billington has recently secured a number of contracts spread across market sectors, providing visibility of workload for the majority of '26 and into 2027. The current secured workload combined with a number of highly developed prospects underpins the broker's forecast for 2026. 2026 sees the return of a number of publicly funded projects in the health and education sectors that had previously undergone a period of review. Sectors relating to information technology and energy generation remain buoyant. And these sectors are those that Billington has a successful history of delivering it. Recent steel price increases associated with the ongoing conflict in the Middle East. Combined with our anticipated quotas and related tariffs has created a period of uncertainty for raw material price inflation. We remain alert to possible future impacts on consumer and client confidence in the U.K. Credit insurance, where possible, is put in place, which remains essential given the current market. However, with long-standing clients with whom we repeatedly deliver combined with our strategic approach to broaden our client base continues to ensure that Billington is able to mitigate risk and secure sufficient volumes of work in the most robust market sectors. So in summary, operations, the capital investment and modernization program has been hugely successful and the investments made at our Barnsley facilities has ensured that raw materials can be efficiently processed as we continue to increase output at these facilities. We have strengthened our commitment to local employment and modern apprenticeships from September 2026 through the expansion of the Better World apprentice training academy located at our Shafton facility. The investment into the Tubecon facility, which is now in full operation combined with securing its largest order to date provides optimism for the future trading and expansion of this division. Our continued focus on strategic initiatives and projects will ensure that we continue to drive operational improvements and enhance the margins we are able to deliver for our stakeholders. The outlook for the group is encouraging with a more balanced order book of projects across multiple market sectors, our workload in 2026 and 2027 is populated by projects in the most robust sectors, mainly power generation, data, defense and education. Many of our future opportunities and prospects are of a similar nature. The current order book underpins the market forecast for 2026 although we remain mindful of ongoing global events that may have an impact on future schemes as a result of cost escalation. Financial. 2025 was a year of managing a subdued market and client-led contract delays. We now transition into 2026 with a rationalized cost base diversified order book and the encouraging prospects for the latter part of the year and into 2027. The group continues to be debt free and will use its strong cash reserves to capitalize on any complementary acquisitions. [indiscernible] balance sheet, strong cash balance a proven track record of delivery of the most complex projects positions Billington after the steelwork fabricator of -- just for many clients in the U.K. We thank you for taking the time for joining us here today, and I'm now happy to pass over to take any questions.

[Operator Instructions] If I could just hand back to the team to read out the questions you give response to appropriate to do so, and I'll pick up from you at the end.

Question number one, could you give shareholders an overview of the order book by sector? Yes, very similar to what we've witnessed in 2025, really unfolding '26. Energy from [indiscernible] is about 43% data, 16% and defense 13%. Bridges and structured by [indiscernible] 11%. Carbon capture, 6%. Industrial and Infrastructure and education this 5% future.

The company remains with what peers a surplus cash balance is the company considered an increased dividend and/or share buyback scheme. Okay. There is an element of surplus cash on the balance sheet that's invested in various notice and long-term investment accounts that is deriving an interest within the P&L account. '26 as we move to a more normalized portfolio of projects that had increased steel content we'll notice an increase in working capital requirements. So that will see a minor usage of some of that surplus cash. There are a number of change projects and initiatives currently been revealed. If appropriate, we enact some of those projects that will again see some of that surplus cash acquisitions. We remain mindful that we want to continue when appropriate to diversify and enhance and maximize the value of the group through acquisitions. So it would actually be something we believe in an alternative sector, but the group is not currently engaged in our service in to any great degree. Maybe renewables of the rail sector. So we are actively reviewing and they consider acquisitions as they present themselves. But we need to be confident that the timing is right and the group is able to enhance the value. Share buybacks. We considered this over the last year, and it will remain under consideration. As a board, however, there is no current intention to proceed with a repurchase of shares at this time.

So a company appears closely on a value net asset value per share of GBP 3.78. Why do you think this is? Well, 2025 notes a subdued economic environment following a number of business-related taxation increases and related projects being deferred as well. Business confidence does remain fragile at the moment. Recent global events particularly placed uncertainty in an industry where proceed where t materials from the worldwide market. structural steel industry is affected by commodity later price fluctuations as well. And this is likely an impact on the current share price at the moment. We do have a strong balance sheet, as mentioned, and a strong significant cash with cash reserves and the strong [indiscernible] for 2026, and we do believe the current share price is lower than what the true value of the group is this one in time Okay.

Thank you, Dave. Do you want to that? How is the margin level on the order book relative to previous years? And how confident are you at delivering the 2026 broker or cash position. Okay. The broker forecast position as they look at is none in is GBP 8.3 million. I guess we would comment there that the market did show some signs of improvement towards the back end of 2025. We secured a fair volume of work, the early part of '26 that did have improved margins on. We did relate on a few weeks ago with GBP 50 million of contract wins. So the margin level of the order book, we are happy that the underpins are largely underpins the 2026 forecasts, and we are confident of the delivery of that for '26. As we said earlier, the majority of the workload is secured for 26 with only a very minor amount of capacity to fill at the back end of the year. And pleasingly, the a higher level than a huge role of work already secured for '27 also. So we're starting to see some level of underpinning for the '27 brokers forecasts that were instated.

This week, Okay. You want to say anything related to that? Okay. With the facility closure, expected to conclude in '26 How does the Board intend to utilize the resulting capital? Will it be earmarked for complementary acquisitions or might we see a special dividend to return that value to the shareholders. Okay. Expecting towards the latter part of the year to realize the value of the Yate facility. We are investigating and in discussions with a number of parties both public and private sector parties in Bristol. We have gone preparing ground consolidation reports and a survey information before the site is marketed sometime towards the back end of May. But ultimately, we hope, realize as we felt towards the end of the year. Now land capital, we, as we've mentioned earlier, we are and continue to look at acquisition opportunities to diversify the group and enable us to progress on our value. I don't guess we're at a point just yet where we'll make a decision upon realization of the site as to the best route possible to maximize our capital and we'll take that decision towards the end of the year when that's completed.

[indiscernible] go hold just over 19%. Does it remain a long-term investor because is not many has been on the Board since 2013, is any change will be there. Alex, we think our or value is the representative of that fund and a trustee of [ Katanga ] adds value to the Board, we feel -- they are -- they've been open-minded to divesting over the years and they have a considerably higher percentage of shareholding, but saw the advantage of increasing liquidity. And so they have sold down, but they're very happy holders at 19%. They're very supportive of the company and starting to the Board. So we don't foresee any likely change imminently. You mentioned that several competitors are building up and sustainably low margins to maintain factory utilization given your shift to specialty markets like energy from waste and data centers, what specific moats beyond technical expertise, prevent these same competitors from eventually entering these niche and compressing your margins there as well. Well, you mentioned specific note, I assume you've been barriers to entry. The technical expertise is a very big barrier to entry or not into these markets. It's demanding servicing the energy market. You have to have specific welding criteria, execution Class 3 and 4, which eliminates quite a lot of fabricators. Not only that it takes a lot of work in progress to fund that the health and safety requirements in QA because as well testing, prevent a lot of people from entering that. There is a requirement to carry quite a heavy design staff with the capability of being able to design connections bearing in mind the requirements of fatigue. So we have seen other people attempt lesser companies trying to enter into these markets. And at that point, they have failed and we haven't seen them before again. So as I say, from that point of view, I think technical expertise is a very good reason why others would not consider it. But as I say, work in progress, the high wipe is not the reason. They're not the easiest of markets to be in same data centers. What we are able to give as well is in group quality as we are using our in group companies and also trying to tail service and offer complete construction solutions.

Thank you, Mark. I think I'll take this one. Do you own the freehold at Yate? If so, what route do you currently foresee to maximize the value from the possible surplus assets. We do have on the freehold at Yate although on the site, we have rented a building on the -- from a charity which is about 20% of the area of the site. So we're currently in discussions with and working out how best between us and the charity if it's all to work to get to maximize the combined value of the sites. But yes, we own the freehold of the principal amount of that facility. But given the lack of acquisitions, despite experienced many different market conditions.

At what point would the company accept that this strategy isn't working and find an alternate use for the cash. Well, on dispute of that, we have actually used the cash and made a number of acquisitions and created companies over the years. Certainly, during my 10 years, some of it being from the Shafton site, which than service the creation of Shafton Steel services, one of the largest steel processing businesses in the market now, also an expansion of Billington structures. That site has been used for the creation of Tubecon after the demise of usage structures. When you talk on staff, it created [indiscernible] division. We acquired out of Ormat Coatings, a specialist paint application business and created specialist protected coatings. Prior to that, we bought a Sonic and created Hoard-it, our Horning division as well as Brand-it associated marketing division of that. And that's just a few off the top of my head. Let alone previously, Peter Marshall Steel stairs that was acquired out of administration. So the company has been acquisitive and remains being inquisitive and I think Trevor has mentioned that in some of your earlier questions and in the reports. We do remain -- and what probably isn't clear during this is the number of acquisitions that we have been well down the line and just haven't quite worked out when we've got to the line. So as I say, we are still there, and we will cleanly use that cash when the right acquisition arises.

I'll take this next one. So how much is the group's annual energy costs at present? Well, the energy costs have reduced over the last couple of years, we'll reduce [indiscernible] 2026 following the sale of the Yate site. The current amount therefore in 2026 is in the region of about GBP 0.5 million, and that's going to stay consistent for the next few years. We locked into future cuts energy costs of both electricity and gas in September 2025. So we now secure in terms of energy prices during the next 5 years. We will likely use more energy as we increase productivity to new facilities, but actual pricing out the element of it is fixed to that point.

Okay. What is your share of your addressable market in the U.K. Okay. So the structural steel market in the U.K. is just short of 900,000 tonnes. It's been a black and a level for a number of years, down from its peak in 2008, 2009 of just over 1 million tons. Billington with the capacity, an average output of, say, 40,000 tonnes. You'd be looking at our share in restructure and steel market of 4.5 percent So again, it shows that our market is fairly fragmented with a lot of players, subsuming the whole market of about 900,000 tonnes. Next question. Energy from Waste is such a large part of your order book, how many projects are you engaged in. So on average, and there's no simple answer, we do or engage in about 20 to 25 projects have been at constructures level a year. So that will be a mix of starting completing and not in for fabrication. As we sit at today, energy from waste projects, there is all ongoing at various stages of completion and we see that and have seen that for a number of years. Yes. How many staff have transferred from Yate. Did you pay redundancy stuff to the remainder? Okay. So there was about 100 direct productive staff down Bristol, 12 have transferred to Barnsley and now fully relocated -- did we pay redundancy to the remainder? Yes, we did upon the closure of the facility in December. The non-underlying costs of GBP 2.8 million are a combination of employee redundancy costs and notice and plant and machinery write-downs on that facility. So that's what makes the large part of the [indiscernible] cost provision in this year's accounts.

There seems to be a mismatch between the company saying today, the share price under our listed prospect of the business uses and the Board and willingness to approve share buybacks. Can you help square the seemingly encompassed statements made today. We're going to drive to increase liquidity in our stock. And if we are to buy back our own shares, then we only made that was we want to use our cash wisely when the acquisitions and prospects and CapEx projects arise. And so at the moment, we're also aware that there are a number of prospective buyers that are key to actually buy our shares. And so from that point of view, it's still spoken about -- it's not that the problem is that the confidence the business has in its own business. And the value of retail shares is just as I say, the news of the cash is then keenly looked up and reviewed at the moment, we're not looking at approving any buybacks, but as I say, it's still there as a subject at the [indiscernible]

Okay. I'll take this one. Let me take the last one I click them Mark. The U.K. regulations with the EU likely to improve, have you any aims to enter the EU market again? I think we told previously upon Brexit, we took a pause in working in the EU, while we understood the working and legislative requirements to do so. The back end of '24 and just the early part '25, we did reenter the EU market with a large coal store development in the Netherlands. So we are open to work in within the EU if the opportunity is such that it's margin enhancing. It's with a client, we have an existing relationship and we're comfortable that we can deliver that project in a particular country. So we're not against, we have been back out there. We do know how to engage out there again and we don't keep an eye on opportunities that present themselves.

Okay. And finally, thank you for [indiscernible] as a new management team but much weaker balance sheet, do you envisage increased competition from them. At the moment, we are seeing competition from [indiscernible] field. I'm not really envisaging more competition from them any more than we usually have from them any like. They're a good company. They're in the same markets we have them enable to deliver in the same sectors. I think it's well published that they've been having their troubles. We're keeping our head down and servicing our own projects and our own clients. One thing we don't like to do is take projects on unsustainable prices. And so or taking the bit of cost. So let's say, with that, we will grow our own moat, so to speak. Generally, thank you, everybody. I think that's the end of the questions. Can I thank everybody for taking interest in the company and attending this presentation. And I'll just hand back then to the [indiscernible]

Thank you once again. or answering questions from investors today before we ask investors to share the feedback which I know particularly important to the company. Mark, could I please just ask you for a few closing comments.

As I say, I'd just like to thank our loyal shareholders for their support. I'd like to thank our staff and all of my colleagues for such hard work and encourage any new investors to keep a no on the company and when the times and there are available shares in the back with investment.

Thank you once again. Could I please ask investors not to close this session as you now be automatically redirected to provide your feedback, which will help the company better understand your views and expectations. On behalf of the management team of Billington Holdings plc, we would like to thank you for attending today's presentation, and good afternoon to you all.