14 July 2015 – trading update
The international construction services group has stated that trading for the year to 30 June 2015 has been ahead of expectations and has provided a strong platform for trading in the new financial year which has just started. As previously reported some contracts taken out in 2012 and 2013 have made sizeable losses although these are being progressively completed and closed out. The group is in negotiations regarding some of these and depending on the result of those negotiations there could be additional provisions of up to £2m to provide for in the year to 30 June 2015. In addition, further provisions totalling £10.5m are being made on its discontinued operations. The group ended the year with a net cash balance of £50m and an improved final dividend of 5p per share (2014: 4.91p) is expected. With a strong order book the group is expecting an improved performance in the new financial year and the shares remain a BUY.