16 May 2014 – interim management statement
A trading update has been provided, covering the period from 1 January. Revenues in the period since 1 January have been 6% lower than in the same period last year. This is said to be attributable to timing differences and reflects the exceptionally wet winter weather and delays to a number of larger construction projects. Cash flow across the group remains strong and average levels of net debt continue to be the lowest since 2006, with lower interest costs on borrowings versus last year. The order book stands at £37m, (31 December 2013 : £35m, 30 June 2013 : £44m). With a strong June anticipated, to end the financial year on a high note, results are due to be in line with previous expectations. We rate the shares as a BUY.