During the year May Gurney has won more than £400 million contract renewals, extensions and new long-term contracts, including MEICA for British Waterways and new framework contracts with Fulcrum and Welsh Water.
The company said it is on track to deliver results for the year in line with its expectations, representing year-on-year growth. However, the firm has had to address operational challenges during the period, completing a review and restructuring of its operations, which started in May 2011. Operations have now been consolidated into two divisions - Public Sector Services & Regulated Services.
May Gurney’s second half was driven by higher than expected revenues from its local authority highways maintenance business and a good performance from its long-term utility services contracts in repair and maintenance (R&M) and mechanical & electrical (M&E).
However, the firm said performance within the facility services business, which represents 7% of the company's group turnover, had been disappointing and the Company is currently reviewing its options, including closure. A small number of under-performing projects in Scotland have also been discontinued.
Looking ahead, the firm said its review and restructuring had placed it on on a stronger footing focused on quality of earnings, positioning the business for further organic growth, operational efficiency and the momentum to create and manage a larger scale business model.
May Gurney said it had maintained momentum in the second half, with the Company's order book standing at £1.5 billion and potential contract extensions of a further £1 billion. The firm said its sales pipeline, which now stands at more than £4 billion in core markets, reflected very significant opportunities for growth. It also believes that the impact of the Comprehensive Spending Review will increase during 2013-15 and drive the outsourcing of 'non-core' services which are currently in-sourced - like highways, transport and environmental services - to address the need to reduce costs whilst maintaining front-line essential services to local communities.
May Gurney Chief Executive, Philip Fellowes-Prynne, said:
"May Gurney has delivered a solid performance in a difficult trading environment. The Company has continued to grow and to generate cash, with over 100% cash conversion of EBITA. We have won £400 million of new work and secured our entry into the fleet and passenger services market through the successful acquisition and integration of TransLinc.
We remain focused on bidding for new work at margins that maintain our quality of earnings. Our forward order book stands at £1.5 billion with potential contract extensions of a further £1 billion, and our sales pipeline is more than £4 billion.
We expect the coming financial year to be one of consolidation for May Gurney, as we focus on driving margins on our newly-won environmental services contracts and bedding-in our internal reorganisation to ensure that it achieves planned efficiencies.
We believe that our deep long-term client and community relationships, wide portfolio of integrated essential services, strong order book and substantial bidding pipeline will ensure our further long-term growth and success."
The preliminary results will be announced on 12 June 2012.
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