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31 May, 2007 - 09:35 By Staff Reporter

May Gurney builds solid full year profits

Construction and support services company May Gurney, which floated on AIM in June last year, has announced a 27 per cent increase in pre-tax profits during its first year as a public company.

The Norwich-based firm said that pre-tax profits before flotation costs and property transactions were up 27 per cent, to £14.9m from £11.7m last year, on the back of an 11 per cent boost in revenues to £406m.

It said that its order book including framework contracts exceeded £1bn, with 90 per cent of revenues coming from the public sector, providing excellent earnings visibility.

“We have made significant progress during our first year as a public company, reporting record turnover and profits for the eighth year in succession, strong cash flow and an order book which exceeds £1bn,” said CEO, David Sterry.

May Gurney said that its March acquisition, mechanical and electrical contractor AC Chesters & Son hadn't made a material contribution this year, but was expected to enhance the group's position in the water utilities market. It added that it planned to pursue further complementary acquisitions, expecting similar bolt-ons to be completed within the year.

The firm proposed a final dividend of 2p per share, making the year's total 3p per share.

May Gurney's share price has seen a slight drop of just over two per cent, losing 7p to 296p.

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