Billington reported FY25 results slightly ahead of expectations, seeing a better end to the year, but trading generally reflecting soft market conditions and specific projects delayed into FY26. With strong order intake existing FY26 forecasts have strong order cover and order intake is building for FY27. We make no changes to our FY26E and introduce FY27E, showing a YoY increase in EPS of 14.5% and net cash of £28.0m. We increase our target price from 380p to 515p, offering upside to the curren ....
