National fit out and refurbishment specialist Overbury has contributed to preliminary results for the year ended 31 December 2017 released on 22 February 2018, by parent company Morgan Sindall Group plc, the construction and regeneration group.
The Group delivered a strong performance for the year with adjusted operating profit up 41 per cent to £68.6 million (FY 2016: £48.8 million) on revenues of £2,793 million, a 9 per cent rise on the previous year (FY 2016: £2,562 million). The reported operating profit was up 42 per cent for the year at £67.4 million (FY 2016: £47.4 million) with the Group ending 2017 with a net cash position of £193 million (FY 2016: £209 million). Adjusted earnings per share rose 43 per cent on last year at £121.1p (FY 2016: 84.7p). The dividend for the year is 45.0p, a 29 per cent increase from 2016’s 35.0p per share. The Group’s order book was also up 6 per cent to £3.8 billion.
“2017 was another positive year for our division and we’re delighted to report a fantastic set of results,” says Chris Booth, managing director of Overbury. “With office lease break activity and the lack of Grade A space continuing to generate opportunities for our division, we’re on track to maintain our market position. The higher education market is also growing, as colleges and universities compete to attract UK and overseas students, providing good visibility of future work. We’ve built a strong track record in large-scale schemes and will continue to focus on delivering high-quality projects for clients within our core markets.”
Key projects for Overbury in 2017 included the following:
- In London, work continues on significant projects for Deloitte (265,000 sq ft), Schroder Corporate Services (315,000 sq ft), the Cabinet Office (450,000 sq ft), and in education, a £44 million refurbishment for King’s College London in Aldwych Quarter, next to its historic Strand campus.
- Completed work in London includes the refurbishment of a redundant 110,900 sq ft Natwest-owned cash-handling facility into a campus designed for RocketSpace, the co-worker accelerator for tech start-up companies; and a £7 million (50,000 sq ft) project for The Carlyle Group supporting the company’s relocation.
- In other cities, completed work includes a three-year refurbishment programme at City Hall and 100 Temple Street in Bristol for Bristol City Council and a 64,000 sq ft fit out for multi-national law firm Freshfields Bruckhaus Deringer at One New Bailey in Manchester.
Additionally, Overbury was appointed to three lots of the £1 billion Government Hubs Programme, a national framework run by the Government Property Unit, which will provide a four-year pipeline of opportunities both above and below £25 million. Additionally, it secured a place on a £250 million four-year framework to deliver improvements to the Metropolitan Police Estate in London and the South East for projects ranging from £2.5 million to £10 million. Overbury also secured the first ever SKA Higher Education gold rating for a higher education project. The rating was awarded to its £1 million fit out completed for University College London, a long-term client of the business.