Group highlights:
Group adjusted operating profit up 34%
Divisional performances:
o Very strong result from Fit Out, with operating profit up 60% to £24.0m (FY 2014: £15.0m) and a margin of 4%
o Significant contribution from Urban Regeneration, with profit up to £12.9m (FY 2014: £10.0m) supporting the Group's long-term regeneration strategy
o Affordable Housing adjusted operating profit up 43%, driven by reduced losses in the response maintenance activities. Division well-placed to benefit in 2016 from previous investment in its regeneration mixed-tenure partnership housing activities
o Improved second half performance from Construction & Infrastructure, with progress made in completing older construction contracts in London and the South. Adjusted operating profit of £3.8m (FY 2014: £3.5m)
Year end net cash of £58m. Average net debt of £53m, reflecting continued planned investment in Urban Regeneration and the regeneration mixed-tenure activities of Affordable Housing
Increase of £7.5m in non-cash exceptional charge in the second half to £46.9m, recognising an additional impairment of amounts recoverable on the two old construction contracts identified in 2013, one of which has now reached commercial settlement
Total dividend of 29.0p per share, an increase of 7% (FY 2014: 27.0p) reflecting current performance and confidence in future prospects
