Group highlights:
Strong profit growth, with Group adjusted profit before tax up 21%
Improved cash management with average net debt for the period down to £24m (HY 2015: average net debt of £35m). Period end net cash of £36m (HY 2015: net debt of £8m)
Divisional performances:
o Further growth from Fit Out, with adjusted operating profit up 11% to £11.5m
o Continued recovery in Construction & Infrastructure, with adjusted operating profit of £3.2m (HY 2015: £0.3m)
o Property Services ahead of previous target with adjusted operating profit of £0.1m (HY 2015: loss of £0.8m)
o Benefits of previous investment in Partnership Housing supporting the 21% increase in adjusted operating profit to £4.6m (HY 2015: £3.8m)
o Urban Regeneration's scheduled development completions expected to result in second half weighting - adjusted operating profit of £4.6m (HY 2015: £5.0m)
Interim dividend increased 8% to 13.0p per share (HY 2015: 12.0p)
Commenting on today's results, Chief Executive, John Morgan said:
"The Group has delivered strong profit growth in the first half, with an improved cash position and lower average net debt across the period. All divisions have contributed, demonstrating the strategic and operational progress made across the Group over the last few years.
The EU Referendum result has introduced some uncertainty into the markets in which we operate and it's still too early to determine what the potential impact on the Group will be in the medium and longer term. For the current year, however, based upon current trading patterns, our high quality secured order book and the visible pipeline of opportunities, the Group is on track to deliver a full year result slightly above its previous expectations."
