Office fit out specialist Overbury has contributed to another set of full year results released today (19 February 2008) by parent construction and regeneration group Morgan Sindall plc.
Morgan Sindall, which operates through five specialist divisions of fit out, construction, infrastructure services, affordable housing and urban regeneration, has today announced another set of record results for the year ended 31 December 2007. Profit before tax and amortisation has increased 30 per cent to £62.1 million (2006: £47.6 million) on revenue of£2.1 billion up 41 per cent from £1.5 billion in 2006. Adjusted earnings per share grew by 34 per cent to 104.5p (2006: 78.2p), with the total dividend increased by 36 per cent to 38p. The Group’s forward order book has reached £4.3 billion up 30 per cent from £3.3 billion in 2006 representing year-on-year organic growth of 12 per cent.
A solid performance from Overbury has contributed to this result. Since July 2007, Overbury has secured new contracts worth more than £209 million in total turnover, a healthy increase of 15 per cent from £182 million in 2006.
Recent projects include a £6 million fit out of a new building to transform six floors from an empty shell to high quality offices for occupation by law firm Macfarlanes in Holborn, London, and two office refurbishments totaling £2.9 million for Scottish Widows at BedfontLakes, Feltham, Middlesex. Other key schemes completed this year include an £8.8 million office fit out for Network Rail in Manchester; a £7 million fit out of four buildings in Frimley, Surrey, to provide Siemens with its new UK headquarters, and a £3.3 million fit of EC Harris’ new global headquarters at Regents Quarter, London N1.
In addition to a busy order book, Overbury has also recently gained a number of industry awards, including two British Council for Offices (BCO) awards for the Best Small Project in London and Best Regional Fit Out of the Workplace in the North of Englandas well as the Mixology North 2007 Environmental and Social Impact Award. Talented young services manager Richard Unwin was also selected as the Building Services Graduate of the Year.
“2007 has been another excellent year for Overbury with turnover up by 15 per cent and some notable contract wins in all our offices,” says Chris Booth, Overbury managing director. “Despite the uncertainty in the financial market, tender levels this year are ahead of 2007 due to a strong market for major projects and a growing portfolio of repeat and framework business. We are also seeing a significant increase in refurbishment in occupation work due to more organisations choosing to reconfigure their existing office space rather than relocate their offices this year.“
Chris adds: “A key objective for the year ahead is to increase framework business to complement our existing multi-million pound nationwide agreements with clients such as the BBC and Barclays.”
