Financial highlights - good set of results in line with expectations
Group revenue of £3.0bn(2013: £2.0bn) up 51%, including nearly a full year from the May Gurney acquisition;
Underlying profit before tax1 up 54% to £73.1m (2013: £47.6m);
Solid Construction division margin of 2.1% (2013: 2.3%) on increased revenue;
Improved Services division margin of 4.8% (2013: 4.4%), reflecting £5m cost saving and winning larger value contracts following the May Gurney acquisition;
15% return on capital achieved on property development activities;
Underlying earnings per share up 2% to 107.7p (2013: 105.6p); having adjusted for the issue of shares for the acquisition of May Gurney;
Net debt position of £123m (2013: net cash £60m), reflecting continued investment to drive further growth and following the acquisition of May Gurney; and
Proposed full year dividend increased by 6% to 72.0p (2013: 68.0p), reflecting the Group's progressive dividend policy and the Board's confidence in the future of the Group.
