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Trowse-based May Gurney land millions in new contracts

PUBLISHED: 07:51 07 April 2010 | UPDATED: 09:27 02 July 2010

Trowse-based May Gurney has reported continuing momentum after securing a string of new and renewed contracts worth £670m in the past six months.

Trowse-based May Gurney has reported continuing momentum after securing a string of new and renewed contracts worth £670m in the past six months.

Sam Williams

Trowse-based May Gurney has reported continuing momentum after securing a string of new and renewed contracts worth £670m in the past six months.

Trowse-based May Gurney has reported continuing momentum after securing a string of new and renewed contracts worth £670m in the past six months.

Bosses at the infrastructure services company said trading in the half-year to March 31 was in line with expectations, with a series of contract wins contributing to a record order book of £1.7bn.

Recent successes include a joint venture with Torbay Council in Devon to deliver a range of front-line services, worth up to £130m over 10 years, and work with Lambeth Council's Building Schools for the Future programme, worth £185m in the first half of a 10-year contract.

May Gurney has also secured or renewed long-term contracts with South West Water (worth up to £170m over up to 10 years), Wessex Water (worth up to £65m over five years) and Anglian Water (worth up to £120m over eight years).

The company employs about 700 in Norfolk and 4,100 nationally.

Chief executive Philip Fellowes-Prynne said: “The essential nature of what we do and our collaborative approach to delivering a wide range of integrated services has resulted in more than £1.1bn in renewals, contract extensions and new business this year - all under long-term contracts - and their successful mobilisation will be a focus in the coming year.

“Our solid business model and long-term client relationships mean that we continue to enjoy a record order book, healthy bidding pipeline and are creating cash-backed profits.

“We are in line with expectations for the year and our combination of continued financial strength and visibility of future earnings means that we are well positioned for the future.”

The trading update, which comes ahead of the company's preliminary results in June, also said the firm was in a “strong net cash position”, with an excess of £27m at the end of March.

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