The Group has delivered strong profit growth in the first half of this year with operating profit up 37% to £24.9m (HY 2016: £18.2m) on revenue of £1,307m (HY 2016: £1,148m), a 14% increase on the previous half year. The Group reports an order book of £3,801m, a 5% rise from £3,637m. Adjusted earnings per share were up 46% for the period to 43.6p (HY 2016: 29.8p). The interim dividend has been increased by 23% to 16.0p per share (HY 2016: 13.0p) with the Group confident of another strong performance in the second half of the year.
“Our committed order book, reputation for high-quality fit out and exceptional service delivery has given us a strong start to 2017 and, as expected, we’ve reported another fantastic set of half year results,” says Chris Booth, managing director of Overbury, one of the fit out companies of Morgan Sindall Group plc.
“By increasing operational efficiencies and innovating the way we approach and manage our projects, our division continues to establish itself as a market leader in office fit out and refurbishment. We’ve maintained good visibility of our future workload in core markets and regions and look forward to seeing the remainder of the year unfold with similar promise.”
Key milestones and projects for Overbury in 2017 include the:
- Appointment to three lots of the four-year Government Hubs Programme fit out framework by the Government Property Unit to deliver nationwide projects, above and below £25 million.
- Ongoing £35 million refurbishment of the Bush House buildings for King’s College London to significantly upgrade the interiors, as part of King’s acquisition of Aldwych Quarter.
- Ongoing construction of global accountancy firm Deloitte’s 265,000 sq ft UK headquarters in London which is one of the first projects to target both a BREEAM Refurbishment & Fit Out (2014) Outstanding rating and a WELL Building Standard Gold certificate simultaneously.
- Start of a £2.5 million project for the University of Leeds' School of Dentistry in the Worsley Building, part of a wider £41 million refurbishment that will provide 100,000 sq ft of office accommodation and teaching space in Leeds.
- Start of a 57,000 sq ft fit out for Amazon at One The Square in Cambridge.
- Completion of a 42,000 sq ft fit out for Big Four accountancy firm EY in Manchester for its 600 employees, as well as the completion of a 16,500 sq ft broadcast centre fit out for media and entertainment group Global Radio at the XYZ building in Manchester’s Spinningfields.
- Completion of an 85,000 sq ft office scheme for Network Rail, supporting its relocation to Baskerville House, Birmingham. In Birmingham Business Park, Overbury completed of a 30,000 sq ft fit out for Goodyear Dunlop Tyres UK, creating a new headquarters and bringing five brands together under one roof.