Posted on 17th April 2014

Havelock Europa (HVE.L), the retail and educational interiors group, announces its results for the year to 31 December 2013.

Please follow this link for the "Preliminary Results to 31 December 2013″.

Financial Highlights
  • Group operating profit from continuing operations before exceptional items increased to £1.1m (2012: £0.2m)
  • Pre-tax profit from continuing operations before exceptional items increased to £0.6m (2012: loss of £0.5m)
  • Net debt reduced to £0.3m (2012: £2.4m)
  • Group revenue from continuing operations of £89.6m (2012: £92.5m)
Operational Highlights
  • Good progress made in the retail sector with projects won in the UK and overseas across a diversified range of clients
  • High level of activity in financial services driven by increased work from Lloyds Banking Group and TSB
  • Successful launch of Healthcare and, within Education, expansion into Student Accommodation, both of which have secured new business wins for the Group
  • Launch of apprenticeship programme, the Havelock Academy and Graduate Trainee Programme
Outlook
  • Outlook for education in 2014 likely to be subdued however activity looks positive for 2015 and beyond as new projects are announced
  • Retail activity in key overseas markets continues to show growth and our presence is increasing
  • Capital investment planned in order to achieve further cost savings and efficiencies
Eric Prescott, Havelock CEO, said:

"The Group has made strong progress and I am pleased to report the business has delivered its first pre-tax profit on continuing operations since 2008 and net debt has been reduced to £0.3m at 31 December 2013.  This return to profitability was driven by a diversified customer base in the improving retail sector and high level of activitity in financial services.  We have successfully entered new markets which will compensate for the education market remaining subdued in 2014, although we expect this to improve in 2015.

I am also delighted to announce our new graduate training programme which together with our apprenticeship scheme launched last year demonstrates our commitment to the local community and the future of our business."

Enquiries:

Havelock Europa PLC
Eric Prescott, Chief Executive
Grant Findlay, Finance Director
Tel: +44 (0)1383 820044

Oriel Securities Limited (Nomad)
James Grace
David Arch
Tel: +44 (0)20 7710 7600

Cardew Group
Shan Shan Willenbrock
Tom Horsman
Tel: +44 (0)20 7930 0777

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