Mountfield Group plc Trading Statement (3816S)
11 March 2019 - 6:00PM
UK Regulatory
TIDMMOGP
RNS Number : 3816S
Mountfield Group plc
11 March 2019
11 March 2019
Mountfield Group Plc ("Group")
and its Subsidiaries, Connaught Access Flooring Limited ("CAF")
and
Mountfield Building Group Limited ("MBG")
Trading Statement
Mountfield Group Plc, the AIM quoted commercial flooring and
specialist construction services company, is pleased to provide an
update on its financial year to 31 December 2018 ahead of
commencing its audit.
Highlights
-- The Group improved strongly upon 2017 performance.
-- 2018 also saw the Group achieve a record turnover.
-- Demand for the Group's services is outperforming the general sector.
-- The Group's secured order book is at a post-Admission record high level.
-- The Directors expect another strong performance in 2019.
The Group's Performance in 2018
The Directors are pleased to be able to report, based on the
unaudited management accounts, that:
-- the Group's turnover for the accounting year of 2018 will
exceed that of the year to 2017 and therefore it will be the
highest recorded in any accounting year since its Admission to AIM
in 2008; and
-- the Directors are confident that the net profit before tax
for 2018 will exceed GBP864k - the figure achieved in the year
ended 31 December 2017.
Whilst much of the construction industry has been impacted by
the unresolved Brexit negotiations, the Group has continued to
experience buoyant demand for its services. This is reflected in
the increase in the value of the Group's secured work at this point
of 2019 as against that of the previous year.
In the Trading Statement of 27 March 2018, the Directors
reported that the Group "had [orders secured] for 2018 [of]
GBP8.8m, a record high for the Group at this point of the year." As
at the end of January 2019, the value of work secured stood at
GBP10m, another new high for the Group.
The Directors have highlighted two features in particular of
what was a very satisfactory year for the Group:
-- that CAF had another year of growth and further enhanced its
position amongst the elite in its sector. Its order book currently
stands at c. GBP3m; and
-- that MBG continued to increase its level of profitability.
With the increased demand for its services from leading telecoms
companies on data centre projects and associated works it is
particularly well positioned for future growth. The significant
progression of MBG's business is underlined by the value of its
secured order book currently standing at GBP7m; the value at 27
March 2018 was GBP2.3m.
The Directors are confident that, with the record amount of work
secured at this point of the year and the demand for its services
remaining high, the Group will produce another strong performance
during 2019.
About the Group
Admitted to AIM in 2008, the Group is comprised of MBG and CAF,
two companies that specialise in aspects of the construction and
refurbishment of data centres and telecoms infrastructure.
MBG provides specialist construction services primarily to
telecommunication and IT clients and provides the fitting out and
refurbishment of data centres, switch sites and IT equipment rooms.
In addition, the company provides fit-out and refurbishment to the
wider commercial office sector.
CAF supplies and installs specialist raised access flooring
systems for data centres and commercial offices and remains one of
the very few contractors trusted to deliver the largest contracts
in the market.
The clients of both MBG and CAF are primarily of a
blue-chip/multi-national standing.
The Group benefits from the fact that the contracts that MBG and
CAF enter into with clients are often multi-stage and potentially
continue for a period of years or are part of a client's long-term
programme that offers the prospect of work over a period of a
number of years.
The sectors of the construction industry in which MBG and CAF
operate have in general recovered strongly over the last few years
and the Directors are confident that its clients will require the
continued provision of the services provided by the Group for the
next few years, at least.
Andy Collins, Group CEO commented:
"We are delighted that the Group performed so well in 2018. Both
CAF and MBG delivered the strong performance that the Directors
expected and we believe that the quality and strength of the
Group's client base will result in further projects secured and
continued growth.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Mountfield Group plc 01268 561 516
Peter Jay, Chairman
Andy Collins, Chief Executive
Officer
Cairn Financial Advisers LLP 020 7213 0880
Jo Turner / Tony Rawlinson
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END
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