Brickability Reports Robust H1 2025 Results and Rebrands to BRCK Group

Brickability’s H1 FY26: steady trading, cleaner metrics, and a new name on the door

Brickability Group has posted a solid first half to 30 September 2025 and is rebranding to BRCK Group PLC. In a tough UK housebuilding backdrop, revenue ticked up, profits held their ground, and management reiterated full-year guidance. The Contracting order book looks healthy and the dividend is maintained.

Headline numbers investors should know

Metric	H1 FY26	H1 FY25	Change
Revenue	£347.0m	£330.9m	+4.9%
Gross profit	£64.4m	£63.0m	+2.2%
Gross margin	18.6%	19.0%	-40 bps
Adjusted EBITDA	£27.2m	£27.4m	-0.7%
Adjusted EBITDA before SBP	£28.1m	£27.9m	+0.7%
Adjusted profit before tax	£21.0m	£21.4m	-1.9%
Statutory profit before tax	£12.2m	£7.0m	+74.3%
Adjusted EPS	4.79p	4.90p	-2.2%
Basic EPS	2.62p	1.33p	+97.0%
Net debt	£66.8m	£56.3m	+18.7%
Interim dividend (declared)	1.12p	1.12p	Maintained

Notes: SBP means share-based payments. Basis points (bps) = hundredths of a percent.

What changed under the bonnet

New reporting treatment for share-based payments

From FY26, the Group has stopped excluding SBP from its “adjusted” numbers. SBP is now treated as an ongoing operating cost. That’s cleaner and more conservative. For comparison, management has also provided Adjusted EBITDA before SBP (£28.1m), which is directly comparable with prior periods.

Rebrand to BRCK Group PLC

The holding company will be renamed BRCK Group PLC, expected to take effect in January 2026. Trading brands remain the same and the ticker stays BRCK. The move is about signalling a broader product and services mix beyond bricks while keeping the heritage intact.

Divisional performance: who pulled the weight

• Bricks and Building Materials – revenue £230.4m (+5.9%), Adjusted EBITDA £12.0m (+7.1%). Brick volumes rose 5.9% against a 6.9% market recovery; average prices were 2.2% lower as customers sought value. Timber revenue grew 10.4%.
• Importing – revenue £28.6m (+6.3%), Adjusted EBITDA £3.2m (+14.3%). Imported brick volumes jumped 15.6% with prices 3.9% lower. Imported roof tiles grew c22%.
• Distribution – revenue £37.1m (+12.1%), Adjusted EBITDA £4.2m (flat). Solar installer Upowa and Towelrads led growth, but margin eased to 11.3% (from 12.5%) due to investment in scaling Upowa.
• Contracting – revenue £50.9m (-4.9%), Adjusted EBITDA £11.9m (-9.8%). Delays at the Building Safety Regulator (BSR) have deferred project phasing; EBITDA margin dipped to 23.4% (from 24.6%). Order pipeline remains strong at over £150m.

Big picture: three of four divisions grew revenue and the portfolio mix helped offset a subdued new-build housing market and BSR gateway delays.

Cash, debt and dividends: the finance angle

Operating cash flow before working capital was £27.3m, but a typical mid-year working capital outflow of £13.5m lowered cash generated from operations to £13.8m. Net cash from operations came in at £8.3m after tax.

Net debt rose to £66.8m, which includes £7.2m of deferred and contingent acquisition consideration. The Group had a £90.5m revolving credit facility (RCF) at period end, with £69.0m drawn, and says talks on a new facility are well advanced.

The interim dividend is maintained at 1.12p per share. Dates: ex-dividend 22 January 2026, record 23 January 2026, payment 19 February 2026. Management also flagged a shift to prioritise debt reduction within capital allocation, which reads as prudent in this cycle.

Guidance and market set-up

Management says trading is in line with market expectations, which the company compiles as FY26 revenue of £650m and Adjusted EBITDA before SBP of £52.25m. The outlook balances caution on two external swing factors – a muted private housing market and ongoing BSR delays – with confidence in medium-term fundamentals, notably the UK’s structural housing deficit.

Why this update matters

• Resilience confirmed – Revenue and profit stability during a tough first half suggest the diversified model is doing its job.
• Cleaner adjustments – Including SBP in adjusted results is investor-friendly and reduces debate around “true” earnings power.
• Contracting visibility – A >£150m pipeline in fire remediation and roofing provides multi-year support once BSR bottlenecks clear.
• Capital discipline – Acquisitions remain part of the strategy, but the Board is holding fire for now and prioritising debt reduction.
• Brand evolution – The BRCK Group name better reflects the portfolio (bricks, importing, distribution, contracting) while retaining the BRCK ticker.

The good, the bad, and my read

Positives

• Statutory PBT up 74.3% and basic EPS up 97.0% due to lower “other items”.
• Adjusted EBITDA before SBP nudged higher to £28.1m despite end-market headwinds.
• Solar and energy-efficiency products are growing nicely in Distribution.
• Importing outpaced the market on volume, reinforcing the strategic role of imported bricks and tiles.

Watch-outs

• Margins softened: gross margin down 40 bps and Adjusted EBITDA margin down 30–50 bps depending on definition.
• Net debt increased to £66.8m, with more cash absorbed by working capital and acquisition-related payments.
• Contracting growth is gated by BSR approvals; timing, not demand, is the issue, but it still defers revenue and profit.

My take: this is a credible “hold the line” half. The diversified model helps, Contracting has clear pent-up demand, and the switch to include SBP tightens the quality of earnings. Meeting the FY26 consensus hinges on BSR throughput and a stable housing backdrop post-Budget.

Key dates, names and housekeeping

• Rebrand: BRCK Group PLC expected effective January 2026; ticker remains BRCK.
• Dividend: 1.12p; ex-div 22 January 2026; record 23 January 2026; pay 19 February 2026.
• Board: David Simpson steps down 31 December 2025; Katie Long becomes Chair of the Audit & Risk Committee.

What to watch in H2

• BSR gateway progress and release of delayed remediation revenue.
• H2 weighting in Contracting margins as projects mobilise.
• Working capital unwind and net debt trend as cash receipts normalise.
• Any update on the new credit facility and terms.
• Execution of tech upgrades in Bricks and Building Materials ahead of phased deployment in early FY27.

Bottom line

Brickability, soon to be BRCK Group, has navigated a sluggish market with steady numbers and clear discipline. If the BSR logjam eases and private housing stabilises, the second half should look better on both growth and cash. For now, guidance intact, dividend intact, strategy intact.