Investment case

We are a well-capitalised UK construction-focused company with a strong pipeline in chosen sectors.

We have the four elements a construction business needs to succeed.

  1. Geography

National presence, local delivery.

  • Network of established regional offices.

  • Present on numerous major public sector and regulated frameworks.

  • Strong relationships with local clients and suppliers.

  • Consistent application of strategy across the network.

  1. Finance

Robust, flexible balance sheet and economic model.

  • Significant net cash position.

  • No pension scheme liabilities.

  • High visibility of future revenues.

  • No competition for capital inside a larger group.

  1. Focus

Strong position in a growing market.

  • Only operate where we have proven strengths; highly disciplined approach.

  • No bids on fixed-price all-risk major infrastructure projects.

  • Work with long-term clients.

  • Take advantage of major, long-term planned public sector, infrastructure and regulatory spending.

  1. Culture

Values-driven, people-orientated and progressive.

  • People are included, valued and motivated; diversity of background and thought is prized.

  • Change and new technology are embraced.

  • Committed to doing the right thing for all stakeholders.

  • Sustainable thinking and practices deliver lasting, positive change for communities across the UK.

To both maintain our strong capital base and reward shareholders appropriately, we plan to target a dividend cover of around three times underlying earnings (covered by free cash flow), and to maintain a regular, semi-annual dividend schedule.