Welcome to our 2015 Annual General Meeting 2 September 2015
The Board John Dodds Chairman Alan Dunsmore Ian Cochrane Derek Randall Ian Lawson Executive Director Chief Executive Officer Finance Director Chief Operating Officer Tony Osbaldiston Kevin Whiteman Chris Holt Alun Griffiths Non-executive Director Non-executive Director Non-executive Director Non-executive Director Mark Sanderson Company Secretary 2
Thank you slide AGM Statement
Ian Lawson Chief Executive Officer 4
Highlights • Underlying profit before tax of £8.3m • UK operating margin up at 4.5% • Improved cash performance • India: operating margin up at 9%, share of losses for the year reduced to £0.2m • Improved UK order book of £188m • Consistent India order book of £36m • Encouraging level of new opportunities in the pipeline • Good progress on strategy, with continued operational improvement and the commencement of the growth programme e.g. Mabey Bridge team • Return to dividend of 0.5p per share 5
Leadenhall • Remedial works to replace bolts on-going • Caused by Hydrogen Embrittlement • £6m estimated cost, non-underlying • Without prejudice discussions on-going 6
Market sectors Health and education Power and energy Stadia and leisure Industrial and distribution Retail Commercial offices Transport Data centres and other 7
Consistent and quality order book (£m) 250 197 194 200 188 185 178 172 168 150 100 50 0 May-13 Aug-13 Nov-13 May-14 Nov-14 Jun-15 Aug-15 8
Current major projects US Embassy, London Liverpool Football Club, Anfield Stadium Expansion London Bridge Station Canopies Telehouse North, London Project Thunderbird, Northamptonshire 9
Liverpool FC Anfield Stadium
Current major projects CIT’s South Bank Tower, London 1 New Street Square, London Nova, Victoria, London Manchester City FC, Etihad Expansion Costco, Crick 11
Current projects - India Intel Office, Bangalore JSW Steel, Sinter Plant, Dolvi NetApp Office, Bangalore K Raheja, Corporate Office Extension, Mumbai JSW Steel, Bar Mill, Dolvi Centrade Business Park, New Delhi 12
Market conditions UK • Improving pipeline • Clients becoming more aware of delivery periods • Strong Infrastructure funding for Rail and Highways opportunities • Competitor landscape changing India • GDP still growing at >7% • New government promising investment but taking time • Interest in steel (vs concrete) continuing to grow • International investment being actively encouraged and incentivised 13
Prospects Commercial offices • Transport : Network Rail, HS2, Highways, Crossrail • Industrial and distribution • Commercial offices Transport Industrial and distribution 14
Tennison Road Bridge
Prospects No. 10 Bank Street, Canary Wharf Uniserve, Felixstowe BAE Systems, Barrow 16
Prospects St James Hotel, Edinburgh Gotham City, London Tottenham Hotspur FC Stadium 17
Prospects - India Altair, Colombo, Sri Lanka (Residential) MIDC Office, Mumbai Bizlife Towers, Noida (mixed use) 18
Our future Building on an improving commercial environment • Benefit from rising market and increase market share in UK • Capitalise on new market sectors such as infrastructure • Consider European contracts and/or acquisitions • Operational improvements and volume growth to improve UK margins to 8-10% in the medium-term • Continue to build value in the Indian business • Continued capital investment of circa £5m per annum to enhance competitive edge • Continuing investment in our people and health and safety management 19
Thank you slide Thank you
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