Structural steel giant Billington said a payout from its credit insurer has spared the firm from a major hit from the collapse of ISG.

In a trading statement today it said: “Billington has historically traded with various ISG trading entities, delivering a number of high-profile projects.

“The Group has received an interim payment from its credit insurer and subject to formal acceptance by the insurer of an independent assessment of the remaining claim, the financial impact on Billington is expected to be materially restricted to the excess on the Group’s credit insurance.

“This outcome is incorporated in the Company’s updated market guidance. At the time of administration, all contracts with ISG, and its trading subsidiaries, were substantially complete.”

Billington said it expects full-year results to be ahead of market expectations as it adds extra shifts at its plants to cope with increased workloads.

It added: “The Group has a strong order book spanning multiple market sectors, and has been successful in securing a number of significant, good quality contracts for 2025 and into 2026, particularly in sectors that require more complex solutions such as energy from waste, high-tech manufacturing and data centres.”

Mark Smith, Chief Executive Officer of Billington, said: “I am pleased that the strong performance seen in the first half of the year has continued. We have a solid order book across all of Billington’s businesses, and, in addition, a very healthy pipeline of future opportunities that are close to conversion.

“Whilst we remain mindful of the widely publicised, challenging market conditions, I am optimistic that Billington will continue to perform robustly in 2025 and beyond.”