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May Gurney on acquisition trail after profit boost

Pre-tax profits at May Gurney jumped 16 per cent in the year to 31 March 2009 and said it would be looking to make acquisitions.

May Gurney which maintains many of Britain’s roads, railways and utilities reported a pre-tax profit of £20.5 million.

The firm said it has £18.6 million of cash and no debt with a forward order book of more than £1.25 billion, 25 per cent up on last year.

Bosses said the firm would take advantage of its strong balance sheet by making targeted acquisitions.

May Gurney chief executive Philip Fellowes-Prynne said: “We’re being cautious and prudent but we are looking to expand our highways, utilities and environmental services businesses.”

Meanwhile turnover increased 8 per cent to £470.3 million with 95 per cent of its turnover secured from long-term public and regulated sector contracts.

Mr Fellowes-Prynne said: “We’re focused on essential services - whether it’s mending street lights and potholes or collecting recycling - so we think we will be in a good position in terms of public sector spending continuing.

“There are lots of opportunities for growth, especially in our highways and environmental services businesses.”