Investment case

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

1. Scale

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.

2. 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.

3. 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.

4. 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.