15 March 2018 – contract awards/trading update
The group’s subsidiary Jordan Manufacturing Limited (JML) has revealed that it has won three contracts with Balfour Beatty for the supply of specialist manufactured metal products for incorporation in the marine works at Hinckley Point C. These contracts substantially increase the scope of work for which JML was selected as preferred bidder. Although it is pleasing to see that the contracts have been concluded the timing of the work has been delayed and this, when also taking into account delays in other contracts, will mean that the group’s financial performance in the year to 30 September will be adversely affected. Although clearly disappointing, the group’s order book has risen to £35m from £32m in December and long term prospects at the group remain encouraging. The shares remain a BUY.