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May Gurney profits up 13%

Construction firm May Gurney today reported an 13% increase in pre-tax profits to £24.3M in full year results ending 31 March 2011 with the firm confident of winning new work as local authorities continue to outsource work.

The firm revealed revenue is up 18% from to £571.4M and pre-tax profits up 13% to £24.3M.

May Gurney are now concentrating on the front-line maintenance and enhancement services worth more than £22bn per annum which markets believe will continue to increase.

“May Gurney has once again delivered a strong financial and operational performance with continued turnover and profits growth, healthy cash generation and significant new business wins providing organic growth and long-term earnings visibility,” May Gurney chief executive Philip Fellowes-Prynne.

“During the year, we have undertaken exceptional levels of strategic contract mobilisations and bids, as well as successfully acquiring Turriff, one of Scotland‟s largest utility infrastructure maintenance companies.”

“Our strong financial position is the result of our proven strategy of focusing on developing long-term relationships with our clients for the delivery of essential front-line maintenance and enhancement services, a market which is worth £22bn per annum and reaches 24M people across the UK.”

The firm had significant highlights including contract wins worth over £350M, several highway maintenance contracts with local councils and the successful integration of Scottish firm Turriff enabling access to the oil and gas market.

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