3 September – AGM statement

The company has announced at its AGM that trading continues to be in line with expectations and the outlook for the year ending 31 March 2020 remains unchanged.  As expected, following two years where profits were split equally between the first and second halves of the year, the current year is likely to be much more second half oriented with a large number of ongoing contracts expected to deliver profits in the second half of the year.  The group’s order book at 1 September was £301m (I June: £295m) with £281m due to be delivered in the next twelve months with a healthy mix of projects within the UK, Republic of Ireland and Continental Europe.  In addition the group’s joint venture partnership in India continues to progress well.  We maintain our recommendation of BUY.