Interim Results June 2003
Date : 03 September 2003
6 Months to 30.06.03 | 6 Months to 30.06.02 | ||
| Turnover | £722.6m | £625.9m | Up 15.4% |
| Profit before tax - pre goodwill * | £31.3m | £28.4m | Up 10.2% |
| Earnings per share - pre goodwill | 5.15p | 4.84p | Up 6.4% |
| Dividend per share | 0.72p | 0.64p | Up 12.5% |
HIGHLIGHTS
- Double-digit increases in sales and profits for the 16th consecutive year
- Over 70% of increase in turnover came from extensions to the scope and scale of existing
contracts
- Profit before goodwill, tax and an incremental pension cost of £4.5m resulting from an increase in
long term contribution is up 26% - Succession of sales records broken
- Largest new contract - 25-year Merseyrail Electrics contract worth £1.8bn
- Largest rebid - 11-year contract at Goose Bay, Canada worth C$400m
- Largest contract extension - 15-year extension to the Atomic Weapons Establishment contract
worth over £1bn
- Largest North American contract - 10-year Ontario driver examination services contract worth
C$600m - Strong cash performance
- First half year free cash inflow £14.2m (2002: outflow of £11.5m)
- Great Southern Railway sale and leaseback generated £5.8m of cash - Acquisition of remaining 50% share in Premier Custodial Group successfully completed in July
- Restructuring and review of underperforming businesses
- Business reorganisation resulted in exceptional charge of £4.5m while generating ongoing
savings of £1.5m a year
- Agreement reached with Network Rail to terminate East Midlands track maintenance contract in
January 2004 - Continued high visibility of earnings
- Forward order book up from £7.1bn to £9.9bn
- 99% of 2003 turnover already secured
- 86% of 2004 turnover already secured - Substantial range of future opportunities
- Bids worth £6bn submitted and under evaluation
- £8bn of further opportunities identified
Kevin Beeston, Executive Chairman, said:
"We have had an outstanding six months, continuing the Group's double-digit growth record. After breaking a succession of sales records we've increased our forward order book by £2.8bn to £9.9bn while delivering a strong profit and cash performance.
We are confident that our standing among customers and potential customers remains high, and our credibility is underpinned by a track record of delivery. We look forward to sustained, profitable growth - in the second half and for the foreseeable future."
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