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May Gurney still looking for acquisitions in growth spurt

FINANCE

MAY GURNEY is still looking at acquisitions after driving workload up for a seventh year in a row.

In the year to March 2006, May Gurney drove turnover up £63 million to a record £365 million and made an operating profit of £13.7 million before interest, tax, amortisation and non-recurring items.

Chief executive David Sterry said: 'We will continue to focus on organic growth, but also review opportunities for selective acquisitions.'

The last major contracting acquisition by May Gurney, which was the subject of a management buy out led by Mr Sterry in 2001, was utilities contractor TJ Brent in 2004.

May Gurney's latest earnings compare to a pre-tax profit just short of £13 million in 2005, boosted by exceptional income for non-contract work.

Mr Sterry added: 'The majority of our revenue comes from maintenance and enhancement spend, mitigating May Gurney's exposure to any downturn in capital expenditure by the UK Government.'

'The market for May Gurney's services in the UK remains strong.'

May Gurney's order book totals £1 billion and is boosted by long-term deals with county councils in East Sussex and Essex, and jobs with Network Rail and Scottish and Northumbrian Water.