Group Highlights
Strong performances from UK Fit Out and Engineering Services, UK Retail and International divisions
UK Construction division generated a loss of £16.0m as a result of provisions and losses on contracts entered into more than 18 months ago, but now stable with better contracts secured
Order book in line at £967m (2013: £968m), of which £655m is for delivery in current year (2013: £641m). Since period end £148m of data centers business secured
Net cash balance of £38.3m at 31 December 2014 (2013: £33.3m)
Fund raising of £16m undertaken with institutional investors to strengthen equity base
Interim dividend passed; in the absence of unforeseen circumstances, the Board expects to pay a final dividend of 4.91p (final 2014: 4.91p)
David Lawther, Chief Executive Officer, said:
"We have taken decisive steps to reform our UK Construction division and the issues caused by older contracts will be closed out. Higher quality and larger contracts are now in progress.
Elsewhere, our UK Fit Out and UK Retail businesses continue to lead their markets and perform very well. We plan further progress for our Engineering Services business as it continues to build its reputation across Europe. Overseas, we are capitalising on increased market activity and a growing reputation.
As previously flagged, we expect the operational performance of the Group in the second half to be in line with the Board's expectations. We anticipate returning to our previously expected growth path in 2015/16."
