18th Sep 2019 11:50
(Alliance News) - Construction services firm Mountfield Group PLC on Wednesday reported a rise in first half earnings and anticipated full-year performance to surpass 2018.
In the six months to June 30, the company's revenue rose by 3.1% to GBP9.1 million from GBP8.9 million with pretax profit rising 3.5% to GBP719,056 from GBP694,617.
The company also reported that its Connaught Access Flooring Ltd and Mountfield Building Group Ltd units had a combined order book of GBP10.9 million in the interim period, 19% higher than the GBP9.1 million in the first half of 2018.
During the interim period, Connaught had a 30% fall in revenue to GBP3.9 million from GBP5.1 million but the unit's pretax profit rose by 28% to GBP502,000 from GBP392,000. Mountfield said the profit rise reflected "improved final margins on larger contracts".
Mountfield Building Group posted a 37% rise in first half revenue to GBP5.2 million from GBP3.8 million, though lower margins are anticipated in future for some larger contracts. The unit's pretax profit fell 22% to GBP356,000 from GBP456,000.
Non-Executive Chair Peter Jay and Chief Executive Andy Collins said: "We are pleased to report that the improvement in the group's performance and profitability that we have seen over the last few years has continued into the first half of 2019. The board expects the results for the full year to show improvement on those for 2018.
"Connaught Access Flooring and Mountfield Building Group are both performing strongly and have a combined order book of GBP10.9 million and both companies are in the process of negotiating or tendering for substantial new contracts."
For 2018, Mountfield recorded pretax profit of GBP1.1 million on a revenue of GBP16.2 million.
Shares in Mountfield were 1.5% lower at 1.68 pence each in London on Wednesday morning.
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