Financial Highlights



2016: £239.4m


Underlying* profit before tax


2016: £13.2m

Underlying* profit before tax

Underlying* operating margin


2016: 5.7%

Underlying* operating margin

Profit before tax


2016: £9.6m

Profit before tax

Underlying* basic earnings per share


2016: 3.67p

Underlying* basic earnings per share

Net funds


2016: £18.7m

Net funds

Operational Highlights

  • Revenue up 10 per cent to £262.2m (2016: £239.4m)
  • Underlying* profit before tax up 50 per cent to £19.8m (2016: £13.2m)
  • Continued strong cash performance with operating cash conversion of 112 per cent (2016:150 per cent), resulting in year-end net funds of £32.6m (2016: £18.7m)
  • Profit before tax up 89 per cent to £18.1m (2016: £9.6m)
  • Total dividend increased by 53% to 2.3p per share (2016: 1.5p per share), includes proposed final dividend of 1.6p per share
  • Return on capital employed ('ROCE') of 14.6 per cent (2016: 9.7 per cent)
  • Over 110 projects undertaken during the year in key market sectors including Wimbledon No.1 Court, a major new commercial head office building in London, the new stadium for Tottenham Hotspur F.C. and a new commercial office tower at 22 Bishopsgate
  • Share of profit from Indian joint venture of £0.2m (2016: loss of £0.3m) reflecting stability of the business and move to profit for the first time
  • Equity investment of £5.3m in India being made post year-end to repay term loan
  • UK order book of £229m at 1 June 2017 (1 June 2016: £270m), reflecting a return to more 'normal' order book levels
  • India order book of £73m at 1 June 2017 (1 June 2016: £33m)
  • Good progress made towards strategic objective of doubling underlying profit before tax by 2020

UK order book June 2017


Commercial offices 54%

Transport (including bridges) 7%

Industrial and distribution 9%

Stadia and leisure 23%

Power and energy 4%

Data centres and other 1%

Retail 1%

Health and education 1%

UK order book June 2016


Commercial offices 39%

Transport (including bridges) 9%

Industrial and distribution 11%

Stadia and leisure 27%

Power and energy 5%

Data centres and other 2%

Retail 4%

Health and education 3%

* Underlying results are stated before non-underlying items of £1.8m (2016: £3.5m):

  • Amortisation of acquired intangible assets – £2.6m (2016: £2.6m)
  • Movement in fair value of derivative financial instruments – gain of £0.8m (2016: loss of £0.9m)
  • The associated tax impact of the above, together with the impact of a reduction in future corporation tax rates on deferred tax liabilities – £0.6m (2016: £1.2m)