7 June 2016 – final results

The project management and consultancy group has announced excellent results for the year to 31 March, with revenues up 2% to £133.5m (2015: £130.5m) whilst adjusted pre-tax profits were 23% higher at £7.0m (2015: £5.7m).  Earnings per share on the same basis were up 9% at 10.0p (2015: 9.2p) and the dividend for the year was increased by 50% to 1.5p (2015: 1.0p).  These results benefited from a strong performance in the UK where revenues grew 15% to £96.3m helped by strong demand for the group’s services across buoyant planning and infrastructure markets, whilst the international businesses put in a strong second half performance.  At the year end the group had an order book of £150.1m (2015: £105.0m) with both the UK business and the international businesses seeing large increases in orders.  The new financial year has started well and with the group boasting a small net cash position at the year end the future looks encouraging.  The shares have performed well although we believe they remain a LONG TERM BUY.