**Billington Holdings Plc (LON:BILN)** has announced three new significant contract awards with an expected aggregate value of around £28m, according to a Cavendish research note dated 21 July 2026.
The broker said the contracts are largely due for delivery during 2027 and span defence, energy from waste and education projects. In education, Billington has secured a contract worth around £6m for a multi-storey development in north-west London, with work scheduled for delivery in 2027. In energy from waste, it has won a further order from an existing client for a project in eastern England, valued at £12m and also due for delivery in 2027. In defence, the company has received an initial instruction for a project in south-east England worth around £10m, subject to further development, with delivery expected in 2027.
Cavendish said the wins provide further confidence in its forecasts and add to Billington’s already healthy forward order book. It maintained its forecasts and Buy recommendation, with a target price of 515p. At the time of the note, the shares were trading at 430p, implying upside of 20%.
The broker said Billington was trading on a FY27E price-to-earnings ratio of 8.4 times and EV/EBITDA of 2.4 times, reflecting a high cash balance of around £25.0m. It added that net cash represented about 46% of the company’s market value.
Cavendish also said Billington continues to invest in expanding its capabilities and improving operating efficiency, and that the new orders reinforce its confidence in the company’s momentum across infrastructure sectors.
