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May Gurney profits grow 19%

May Gurney has reported a rise in pre-tax profits of 19% in its half year results for 2010.

The infrastructure support services company, which also operates a number of waste collection rounds, announced a rise in underlying pre-tax profits from £10.1m in H1 2009, to £12m this year.

Covering the period between April and 30 September 2010, the results also reveal that first half revenues rose from £239.1m in 2009, to £288.9m in 2010, and earnings per share grew to 12.10 pence per share this year, from 10.39 pence in 2009.

May Gurney has also reported contract wins and extensions totalling over £200m over the six month period, including a new seven year environmental services contract with West Oxfordshire district council worth up to £36m, which includes weekly food and recycling collections.

May Gurney chief executive Philip Fellowes-Prynne said: “Over the first half-year we have achieved another period of turnover and profit growth. We have further strengthened our cash position, maintained our forward order book at £1.4 billion and have a sales pipeline worth in excess of £4 billion, along with winning several significant new long-term contracts and extensions worth over £200 million.

“The current market conditions have resulted in further opportunities for May Gurney. With our solid order book, excellent earnings visibility, focused acquisition strategy and continued strong cash generation we have confidence in the Group’s future success.”

In an interview with MRW earlier this year, Fellowes-Prynne described local authority waste contracts as a “great opportunity” for May Gurney. He said: “We see the recycling industry - primarily the local authority waste area - as a great opportunity for May Gurney to add value and offer a service.In essence, we’ve spent a lot of time developing a recycling offering that will add value to our clients. We believe we’ve got that now.”

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