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Mowlem lifts margin to 2%
13:06 19 Mar 2003
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Mowlem lifted the margins from its £1.5bn-a-year main
operating division, construction services, to 2.0% in 2002 from a
figure of 1.8% in the previous year.
Announcing the group's latest results, chief executive John Gains said construction services had "performed strongly". The latest achievement of a 2% margin was put down to "a root and branch change over the last five years in the way that construction business is procured and delivered". Only 39% of Mowlem's construction orders are now traditional contracts.
The group's turnover of £1.9bn (£1.7bn) produced a pre-tax profit of £33m (£30m). Its second business stream, support services, turned in a profit of £14m (£12m) on a turnover of £390m (£320m).
Mowlem's current orderbook stands at a record £2.4bn and nearly half the orders are for one year or more, providing for predictable longer-term revenue streams.
Announcing the group's latest results, chief executive John Gains said construction services had "performed strongly". The latest achievement of a 2% margin was put down to "a root and branch change over the last five years in the way that construction business is procured and delivered". Only 39% of Mowlem's construction orders are now traditional contracts.
The group's turnover of £1.9bn (£1.7bn) produced a pre-tax profit of £33m (£30m). Its second business stream, support services, turned in a profit of £14m (£12m) on a turnover of £390m (£320m).
Mowlem's current orderbook stands at a record £2.4bn and nearly half the orders are for one year or more, providing for predictable longer-term revenue streams.
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