HY 2017 summary:
Strong profit growth, with adjusted profit before tax up 47%
Significant improvement in cash; average daily net cash of £132m
Order book up 5% to £3.8bn
Interim dividend increased 23% to 16.0p per share
Divisional highlights:
o Excellent performance from Fit Out; adjusted operating profit up 27% to £14.6m and further margin progression, up to 4.3% (HY 2016: 3.9%). Another record order book
o Continued margin improvement in Construction & Infrastructure; operating margin up to 1.1% (HY 2016: 0.5%) and adjusted operating profit of £7.6m
o Growth in Partnership Housing; adjusted operating profit up 20% to £5.5m. Second half weighting to results
o Good operational progress made with Urban Regeneration's development schemes; further profit growth from Property Services; small contribution from Investments
Commenting on today's results, Chief Executive, John Morgan said:
"This is a strong set of results, driven by another period of margin and profit growth in Fit Out and further progress on margin recovery in Construction & Infrastructure. Reflecting our overall profit performance, our strong balance sheet and cash performance, and our confidence in the quality of our business, we are increasing the interim dividend by 23% to 16p per share.
With the current trading patterns in Fit Out and the forward visibility provided by the size and quality of its order book, together with further margin improvement in Construction & Infrastructure and an increase in scheme completions in Partnership Housing and Urban Regeneration, we are confident of another strong performance by the Group in the second half."
