Today we have announced our financial results for the six months to 30 September 2017.
Key points to note are:
- Revenue* up 3.8% to £76.2m (H1 2016: £73.5m)
- Adjusted operating profit before tax** £1.0m (H1 2016: £2.8m)
- Loss before tax £2.8m (H1 2016: profit of £0.8m) after provision of £2.45m for legacy contract claims from discontinued businesses
- Adjusted** earnings per share 1.0p (H1 2016: 3.7p)
- Interim dividend maintained at 0.6p per Ordinary Share (H1 2016: 0.6p)
- Net debt as at 30 September 2017 £10.1m (2016: £4.9m) – expected to reduce to c.£6.0m to £7.0m at year end
- Order book increased by 17% to £170.0m at 30 September 2017 (31 March 2017: £145.0m) with over £50.0m to be delivered by the end of the current financial year
- Established new international holding company in Netherlands to underpin ability to bid, win and deliver EU work
- Renewed and extended bank facility with HSBC
- Marcia Marini appointed as non-executive director
- Continued investment in IT, business infrastructure, London presence and capabilities to support future growth
*Including share of Joint Venture revenues
**Before separately disclosed items
Today’s announcement and presentation can be downloaded from our investors section.