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May Gurney pre-tax profit up 7pc as order book tops £1.7bn

Turnover at May Gurney rose 3 per cent to £483.1 million as pre-tax profits grew 7 per cent to £21.6m in the year ended 31 March 2010 the firm said today.

In a very positive results statement May Gurney said its turnover grew by 3 per cent to £483.1m in the year to 31 March 2010 compared to £470.3m a year earlier. Underlying pre tax profits, excluding one off charges, rose to £21.6m, compared to £20.2m last year.

After winning work, including contract extensions, of £1.1bn in the last financial year, its order book increased by nearly £500m to £1.7bn.

On top of this, directors said there is a pipeline of bidding opportunities and contract extensions totalling £4bn in its core markets.

More than 95 per cent of revenue was generated from long-term contracts, fitting in with the strategy chief executive Philip Fellowes-Prynne detailed to Construction News in a recent interview.

Mr Fellowes-Prynne said: “We are delighted to report record turnover and profits for the eleventh year in succession, together with a strong cash position, significant business wins, an enlarged forward order book of more than £1.7 billion (excluding potential extensions) and a healthy pipeline of sales opportunities in our core markets.”

The firm ended the financial year with £29.2m cash in the bank.

Group revenue was split as follows:

  • Public Services Sector £285.3m
  • Regulated services Sector £200.8m