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Profit boost for May Gurney

May Gurney reported a 17% pretax profit increase to £28.4m in the 12 months to 31 March 2012.

The waste management, infrastructure and maintenance group said revenue grew by 22% to £695.3m.

The company said it expected to continue to benefit from further public sector outsourcing driven by spending cuts.

It said it had secured more than £400m in new contracts, renewals and extensions over the year, and its order book had grown to £1.5bn from £1.4bn in 2010/11. It has a further £1.1bn of potential contract extensions.

Chief executive Philip Fellowes-Prynne said: “”May Gurney has delivered a strong financial performance, with continued year-on-year growth and healthy cash generation.

“Our strategy of targeting resilient, maintenance-focused revenue streams has proved successful against the background of a challenging economic environment.”

He added: “The impact of the next Comprehensive Spending Review is expected to drive further outsourcing of services which are currently in-house, to address the imperative to reduce costs while maintaining front-line essential services to local communities.

“We are confident given the start to the new financial year that our deep long-term client and community relationships, diverse portfolio of integrated essential services, strong order book and substantial bidding pipeline will ensure continued growth and success.”

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