Peterhouse has worked hard over the last five years to structure the Group and develop the framework of the company so that it can move forward strategically.
With the acquisition of First Engineering and the announcement of the disposal of Propencity, 2003 will enable the Group to move forward in the form that it needs to realise its full potential for growth, which in turn will provide considerable breadth for further tactical acquisitions.
Over the next couple of pages, time has been taken to explain First Engineering's business and there is no doubt that its areas of operation will provide Peterhouse with considerable scope over the next ten years.
The half-year results were satisfactory with the Services Division reporting a strong performance. Profits were up by 48.5% on 2001. Eve Telecom was the best performing company in the Division and this was particularly due to the strong relationships that have evolved with the mobile telephone operators.
Construction and Development reported a downturn in turnover of 28.4% against 2001. This was mainly due to several contracts being delayed by clients, but it does endorse the decision that has been taken to concentrate on support services and to realise the value for Propencity through a sale.
For 2003, Peterhouse is positive that the First Engineering acquisition will provide opportunities for growth within the telecommunications, training and environmental services businesses. Add to this the potential opportunities in the transmission market in the US and the telecommunications market in Europe and the future is looking very bright indeed.
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Interim Highlights
- Profit before tax, exceptional and goodwill charges, up by 10.7% at £7.04m (2001: £6.36m).
- Turnover was slightly down at £175.78m due to reduced activity in construction in the fist half (2001: £179.59).
- Adjusted earnings per share increased 11.8% to 12.3p (2001:11p).
- Appointment of John O'Kane as Finance Director.
- Services division saw turnover increase by 18.5% with continuing operating profit increasing by over 48% to £8.77m (2001:£5.9m).
- Eve Telecom was the best performing business within services, mainly due to 2.5G and 3G upgrades and installations for the mobile telephone operators.
- The acquisition of First Engineering will allow Peterhouse to carry out its planned disposal of the construction and development division, Propencity Plc.
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