21 November 2017 – interim results
The structural steel group has released its interim results for the six month period to 30 September which have shown that revenue rose by 16% to £137.1m (2016: £118.2m) with underlying pre-tax profit increasing by 59% to £12.9m (2016: £8.1m). Earnings per share on the same basis were 56% higher at 3.50p (2016: 2.25p) whilst the interim dividend was increased by 29% to 0.9p (2016: 0.7p). Net cash at the end of the period was £31.4m (31 March 2017: £32.6m) after paying £5.3m to repay debt in the Indian joint venture. These are clearly impressive results with over 80 projects undertaken including the new stadium for Tottenham Hotspur, the retractable roof for Wimbledon’s No 1 Court and a new commercial tower at 22 Bishopsgate in the City of London. The group ended the period with strong order books and full year results are expected to be ahead of previous expectations. We continue to rate the shares as a BUY.