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LONDON, UK / ACCESSWIRE / February 16, 2017 / Active Wall St. blog coverage looks at the headline from Jacobs Engineering Group Inc. (NYSE: JEC) as the Company announced on February 15, 2017, that it had won a Property Management Contract from UK's Manchester City Council (MCC). The five-year contract is for providing property management and professional services at Manchester, UK. The contract will be under the purview of MCC's Strategic Development Directorate (SDD). Register with us now for your free membership and blog access at:

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One of Jacobs Engineering Group's competitors within the Technical Services space, AECOM (NYSE: ACM), reported Q1 FY17 results on February 07, 2017. AWS will be initiating a research report on AECOM in the coming days.

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MCC is the local government authority for Manchester, a city and metropolitan borough in Greater Manchester, UK. MCC is planning to promote Manchester as a world class, vibrant, economic and cultural center and has set up the SDD. The SDD will help MCC in this mission and set the ball rolling to transform Manchester and boost its economic growth.

Commenting on the new contract from MCC, Jacobs Senior Vice President Buildings and Infrastructure Bob Duff said:

"We look forward to continuing to work closely with Manchester City Council and its Strategic Development Directorate, discovering ways to help deliver key objectives for its property portfolio more efficiently. We have a thorough understanding of MCC's portfolio, and this contract represents an important step in supporting the city's efforts to generate critical income."

Gillian Boyle, Manchester City Council's Principal Development Surveyor added:

"Jacobs submitted a high quality and competitive tender, and we are looking forward to developing our relationship with their team in what will be an exciting but challenging period for the Council."

Scope of the Property Management Contract

Jacobs' role is to help MCC in revenue generation through rental income, capital appreciation and capital receipts. The revenue so generated will help MCC to improve various services to the city. The entire project will be handled by Jacobs' Manchester office. The various responsibilities assigned to Jacobs under the contract includes:

  • Management of MCC's investment estates;
  • Professional and technical services - asset valuations, acquisitions, disposals and investment reports;
  • Rent reviews, leases and associated support
  • Place-making and regeneration recommendations (creating new urban spaces by reuse abandoned and empty property);
  • Planned preventative maintenance to increase lettability (ability to be leased out) and improve tenant retention;
  • High-quality rating advice;
  • Access to planning, remediation (cleaning up and repair), and infrastructure services.

The contract comes with a two-year extension clause. However, the financial details were not disclosed by the Company.

Dallas, Texas based Jacobs was founded in 1947 is one of the largest construction services and consulting Companies in the world. Its services include all aspects of architecture, engineering and construction, operations and maintenance, as well as scientific and specialty consulting. Its operations are spread across over 230 locations across the globe and has an employee strength of over 54,000 people across these locations. Its revenues for FY2016 was nearly $11 billion.

Jacobs UK Operations and latest contracts

In UK, Jacobs has already worked on a number of projects including roads, rail, water, aviation, oil and gas, refining, chemicals, pharmaceuticals, power, nuclear, defense, and buildings. It employs more than 7,000 professional and technical practitioners in UK and currently has more than 900 trainee graduates, technicians, and apprentices.

Some of the recent contracts the Jacobs has won in the UK in February 2017 include the following:

  • Contract from the Thames Water Utilities Limited, UK, for providing engineering and environmental consultancy support until 2020;
  • A two-year contract by Transport for London to provide integrated impact assessment services for the revised London Mayor's Transport Strategy.

Stock Performance

On Wednesday, February 15, 2017, the stock closed the trading session at $58.32, climbing 1.37% from its previous closing price of $57.53. A total volume of 1.15 million shares have exchanged hands, which was higher than the 3-month average volume of 1.05 million shares. Jacobs Engineering Group's stock price advanced 8.62% in the past six months, and 51.76% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 2.32%. The stock is trading at a PE ratio of 31.52 and has a dividend yield of 1.03%.

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