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For the six months to 30 June 2012, revenue was down 8% to 拢1,000m (2011: 拢1,087m) but pre-tax profit was up 13% to 拢20.3m (2011: 拢16.7m).

Profit before tax, amortisation and non-recurring items was up 4% to 拢20.3m (2011: 拢19.5m).

Forward order book stands at 拢3.2bn (2011: 拢3.5bn).

Executive chairman John Morgan said: 鈥淲e have delivered a solid performance over the first half of 2012 and we are on track to meet our expectations for the full financial year. Despite the challenging economic environment, we are encouraged by the continuing opportunities in growth infrastructure sectors and we remain committed to investing in our regeneration business to drive growth over the medium to long term.鈥�

He added: 鈥淲hilst we expect market conditions to remain challenging in the short term, we believe our strong track record of successful delivery and our ability to provide our customers with creative, integrated solutions leaves us well positioned for the future."听

By division:听numbers and commentary

Construction and Infrastructure

For Construction and Infrastructure the market remains competitive with downward pressure on prices and bidding margins. Despite these conditions, the division has continued to develop its market position and enhance its reputation within its broad range of chosen market sectors. Public sector opportunities and volumes of work are reducing as expected but investment in economic infrastructure is helping the division's order book hold up reasonably well.

Fit Out

听Whilst the absence of larger projects continues to impact the London office market, Fit Out is performing well in constrained market conditions. It has a healthy pipeline of refurbishment opportunities and the expected increase in lease expiries in 2013, as well as new properties being developed, should help stimulate the market in the medium-term.

Affordable Housing

Affordable Housing's open market sales continue to be impacted by the lack of mortgage availability for first-time buyers and the withdrawal of the stamp duty holiday, so we are introducing initiatives such as the Government-backed NewBuy scheme in order to boost new home sales. The reduced flow of Government grants is having a significant impact on development and the division is successfully applying its creative partnering approach to help public and private sector clients identify opportunities and overcome funding constraints.

Future growth is anticipated to be driven by mixed-tenure regeneration and we continue to invest in the division's growing portfolio of schemes. The division is particularly focusing on complex land swap opportunities facilitated by the release of public sector land to deliver much needed quality affordable housing.

Urban Regeneration

Urban Regeneration has reached significant milestones this year on a number of schemes within its portfolio, including five new planning consents. It has also turned a number of marginal projects into viable schemes through its expertise in securing funding from Government initiatives in place to stimulate the economy. Whilst the market remains subdued as the macro environment impacts on occupier confidence and liquidity a strong geographic spread of projects leaves the division well placed to capitalise on pre-letting opportunities as the economy recovers and occupier demand returns. It should also benefit from its increasing exposure to the residential market in London and the South East which remains more buoyant than other regions due to a shortage of new supply and strong foreign investment.

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