HY 2013 highlights:
Revenue of £1,019m, up 2% on prior year (HY 2012: £1,000m). Order book up 1% from FY 2012.
Adjusted operating profit of £16.2m (HY 2012: £20.8m), with adjusted operating margin1 of 1.6% (HY 2012: 2.1%).
Adjusted EPS down 18% to 31.5p (HY 2012: 38.4p).
Good progress on cash management, with net cash of £40m and improved average daily net debt of £32m (HY 2012: net debt of £12m and average daily net debt of £36m).
Exceptional charge of £13.0m taken as a provision against amounts recoverable on a small number of older construction contracts. There are no associated cash outflows with the provision.
Interim dividend of 12.0p per share, level with prior year (HY 2012: 12.0p per share).
Commenting on today's results, Chief Executive, John Morgan said:
"The first half has seen difficult market conditions across all of our markets, with competitive pressures impacting on margins and profitability. The improved positive cash position, however, demonstrates the underlying strength of the business and the benefit of a sustained focus on cash management, which will remain.
Looking ahead to the second half, overall market conditions are not expected to significantly improve. The business will continue to focus on cash management and will look to improve the order book selectively, such that it is well-positioned to take advantage of the growth and investment opportunities in its markets as they arise."
