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May Gurney trading in line with expectations

May Gurney is ‘on-track’ for trading to be in line with expectations for 2008 as its ended the year with over £15 million net cash.

The firm said that its high visibility of earnings and focus on cost management has provided a resilient business model during the economic downturn.

May Gurney’s secured and framework forward order book remains at a record £1.25 billion for the year ended 31 March 2009.

The firm said that local authority spending it its markets has given it confidence for the year ahead.

May Gurney secured ‘significant’ long term contracts with new clients including a four-year maintenance deal with British Waterways for £80 million in the second half of the year.  

May Gurney chief executive Philip Fellowes-Prynne said: “In excess of 95 per cent of our revenues are derived from the public and regulated sectors, which are proving resilient. We continue to enjoy a record order book, healthy bidding pipeline and are creating cash-backed profits. 

“This combination of continued financial strength and visibility of future earnings, means that we are in line with expectations for the year and are well positioned for the future.”

The firm will announced its preliminary results on 2 June 2009.