East Anglia: May Gurney posts ‘solid’ first half performance

EAST Anglia-based infrastructure services company May Gurney today posted increased first-half sales and pre-tax profits.

The company, which provides services to more than 30% of the UK population reported a “solid performance” with first half revenues up 21% to �351million and pre-tax profits for the half-year up to September 30 up 21% to �14.5m.

May Gurney’s forward order book has increased to �1.5billion for 2012/13 and the company said that it had �4bn of bidding opportunities in the pipline.

The company has secured �290m in new contracts or contract extensions in the first half of the year including waste collection, street cleaning and winter maintenance for Bristol City Council.

The company’s interim dividend will rise by 34% to 2.79p per share.

May Gurney cheif executive Philip Fellowes-Prynne, said: “May Gurney has once again delivered a solid financial and operational performance with continued turnover and profits growth, healthy cash generation and significant new business wins providing organic growth and long-term earnings visibility.

“Our strong financial position is the result of our proven strategy of focusing on developing long-term relationships with our clients for the delivery of essential front-line maintenance and enhancement services.

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“The earnings-enhancing acquisition of TransLinc not only strengthens May Gurney’s market leading positions in highways maintenance and environmental services but also extends May Gurney’s national coverage and client base, offering significant cross-selling opportunities and providing a broadened service offering to existing clients.

“Whilst alert to the challenges in the economy, and the pressures on Government linked expenditure in particular, we believe that the essential nature of our services, our flexible approach, together with our solid balance sheet, position us well to continue to build upon the group’s success.”

Norwich-based May Gurney also announced today that its group finance director Matt Stevens has resigned from the board and will leave the company next April to join social purpose company A4e.