Motherwell Bridge to Build on Strong Set of Results

By webmaster

September 17, 2007

Making the announcement, company chairman Hugh Hayes said that profit before tax was £7.1 million for the 10 month period from 8th September 2006 to 30th June 2007.  This figure includes the profit gained from the sale in April 2007 of the company’s aerospace and design divisions to the incumbent management team, which bolstered the good trading performance from all operating units.

Mr Hayes said: “This has been a period of exceptional corporate activity for Motherwell Bridge. Since completing the MBO in September last year we have changed the profile of the Group somewhat.  The sale of MB Aerospace and MB Faber in April 2007 has allowed us to focus on the oil and gas sectors and we have launched a new division - Motherwell Bridge International Ltd - to deal with the increase in enquiries from overseas.

“More importantly, cashflow from trading and from the proceeds of the sale has allowed us to substantially reduce our net bank borrowings, which on 30th June 2007 stood at just £700,000.

“Going forward, the outlook is extremely positive.  We have a strong order book and MB Engineering Services Ltd and MB Inspection Ltd will continue to concentrate on developing their growing position within the UK market. In addition, we expect to see a good contribution from our overseas operations.

“We recently completed a major inspection contract in Jordan from which we are being invited to bid for further work, and we have recently won a significant engineering contract in the Ukraine. We have also won new work in India and continue to follow up enquiries in the Gulf region and West Africa. Adding these activities to our robust UK position means that we expect a healthy outturn to 2007/8’.

Mr Hayes concluded: “J O Hambro, our private equity partner, is more than satisfied with the Group’s current position, as am I, and we will look to build on our recent financial performance in the coming year.”

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