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Financial Analysis - Emcor

 20092010
Turnover (£m)320.9297.7
Turnover Growth (%)-10.2-7.2
Pre-tax Profit (£m)11.216.1
Pre-tax Margin (%)3.55
Operating Profit-11.616.1
Operating Profit Margin (%)3.63.9
Total Directors’ Remuneration (£m)1.21
Analysed Accounts21/12/0931/12/10

UK full-year results - 6 June 2011

Emcor Group (UK) lifted underlying pre-tax profits by 4.5 per cent after a strong year for its facilities management business.

Revealing its results for the year to December 2010, the group announced the profit hike despite a fall in overall turnover of 7.2 per cent to £297.7m.

Emcor UK attributed the drop to decreased activity in the construction sector, but the significant contract gains and renewals within its facilities division partially offset the revenue reduction.

Overall pre tax profit lifted by 43 per cent to £16.1m while operating profit soared by 38 per cent to £16m after a one-time gain of £4.4m after the restructuring of retirement benefits in May 2010. Shareholders’ funds grew by £11.1m over the year.

Chief executive Keith Chanter said: ‘“Even though our marketplace and economy continue to be challenging, these results show that by building excellent relationships with our customers, taking a pro-active approach to sales development, and maintaining prudent financial management and a commitment to operational excellence, it’s possible to deliver real value improvements to both customers and shareholders alike.”

Emcor UK said it had a positive outlook for 2011 despite relatively low growth prospects for the UK economy.