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May Gurney benefits from public sector spending

Infrastructure, maintenance and services firm May Gurney Group has reported a 21% rise in half-yearly pre-tax profits to £14.5m.

The company reported revenues to 30 September up 21% to £351m and a forward-order book increase to £1.5bn

May Gurney’s environmental services division says it has an 8% share of municipal waste collection services making it the fifth largest provider, and has a 10% market share of recycling centres. It provides services for 23 local authorities.

The company, which gains 62% of its revenue from the public sector, said its H1 performance was driven by an increase in government spending on highways maintenance and higher than expected spending by local authorities. It expects to see continued growth from local authority contracts.

The group reports more than £290m in new contracts and contract extensions in H1, including a new waste collection and recycling contract in Bristol.

Philip Fellowes-Prynne CEO May Gurney

Philip Fellowes-Prynne, CEO, May Gurney

Chief executive Philip Fellowes-Prynne said: “May Gurney has once again delivered a solid 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.

“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.”

May Gurney Group also includes rail, waterways, utility and facilities services divisions and the recently acquired Translinc local authority specialist fleet services division.

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