EMCOR UK Reports Continuing Progress During Financial Year Ended 31 December 2015
New business wins and contract extensions with major customers enabled EMCOR UK to make significant financial progress for the year ended 31 December 2015. Specifically, in 2015 revenue from the continuing operations grew by 16% to £247m, with operating profit of £5.6m.
EMCOR UK continued to invest in its strategy of providing the very highest level of building services management, resulting in this growth in revenues. As a result, employee numbers grew 10% to 3,276. Much of this new revenue is driven by growth from new customers (Thames Water and United Utilities), together with growth in key existing customers.
Keith Chanter, Chief Executive, EMCOR UK, stated, “It is always gratifying to see sustainable organic growth from existing customers as well as new business as it shows our commitment to collaborative working is generating results for all parties involved. Revenues continue to build nicely in 2016 and we are optimistic for the future.”
About EMCOR UK
With over 100 years of experience in the UK market, EMCOR UK provides facilities management and sustainable business solutions for a diverse range of private and public sector organisations. A Fortune 500® company with estimated 2016 revenues of ~$7.2B, its parent company, EMCOR Group, Inc. (NYSE: EME), is a leader in mechanical and electrical construction, industrial and energy infrastructure, and facilities services. A provider of critical infrastructure systems, EMCOR gives life to new structures and sustains life in existing ones by its planning, installing, operating, maintaining, and protecting the sophisticated and dynamic systems that create facility environments---such as electrical, mechanical, lighting, air conditioning, heating, security, fire protection, and power generation systems---in virtually every sector of the economy and for a diverse range of businesses, organizations and government. EMCOR represents a rare combination of broad reach with local execution, combining the strength of an industry leader with the knowledge and care of 170 locations. The ~31,000 skilled employees of EMCOR have made the company, in the eyes of leading business publications, amongst the “World’s Most Admired” and “Best Managed”. EMCOR’s diversity---in terms of the services it provides, the industries it serves and the geography it spans---has enabled it to create a stable platform for sustained results. The Company’s strong financial position has enabled it to attract and retain among the best local and regional talent, to undertake and complete the most ambitious projects, and to redefine and shape the future of the construction and facilities services industry. Additional information on EMCOR can be found at www.EMCORGroup.com.
This release may contain certain forward-looking statements within the meaning of the Private Securities Reform Act of 1995. Any such comments are based upon information available to EMCOR management and its perception thereof, as of this date, and EMCOR assumes no obligation to update any such forward-looking statements. These forward-looking statements may include statements regarding market opportunities, market share growth, gross profit, backlog mix, projects with varying profit margins, and selling, general and administrative expenses. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Accordingly these statements are no guarantee of future performance. Such risk and uncertainties include, but are not limited to, adverse effects of general economic conditions, changes in the political environment, changes in the specific markets for EMCOR's services, adverse business conditions, availability of adequate levels of surety bonding, increased competition, unfavorable labor productivity and mix of business. Certain of the risks and factors associated with EMCOR's business are also discussed in the Company's 2015 Form 10-K and in other reports filed from time to time with the Securities and Exchange Commission. All these risks and factors should be taken into account in evaluating any forward-looking statements.