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May Gurney reports 18% revenue growth in 2010/11 full year results

Infrastructure service provider May Gurney has posted revenue growth of 18% in its 2010/2011 full year results.

According to the results, the company’s revenues rose to £571.4m, an increase of 18% on the 2009/2010 figure of £483.1m. Underlying profit before tax rose 13% to £24.3m.

May Gurney reported a “strong pipeline” of bidding opportunities and possible contract extensions worth more than £4bn, with 15 long- term contracts mobilised during the year, five of which used the company’s MaGOS kerbside sorting service.

The company’s analysis of the waste and recycling market reports that the sector has grown steadily in recent years, growth which is expected to continue for the “foreseeable future” following increases in landfill tax, recycling rates and local authority recycling targets.

May Gurney chief executive Philip Fellowes-Prynne said: “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, a market which is worth £22bn per annum and reaches 24 million people across the UK.

“With our consistent operational performance, strong balance sheet and the underlying trends within our chosen markets, we are confident in the Group’s continued future success.”

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