Unaudited Interim results for the half-year ended 30th September 2005

• Financial restructure completed with net debt at £6.2m (2004: £241.9m)


• Operating profit* of £6.2m (2004: loss of £49.5m), in line with expectations


• Headline loss caused solely by non-cash costs relating to restructuring


• Operating margin of 5.4% in line with projections for next year


• Solid margins in Rail and Plant, but slower turnaround in Roads


• Turnover down to £204.0m (2004: £299.0m) largely as a result of exit from Construction and most Highways Maintenance and delays to rail projects


• Construction projects near completion and an improved control of the Facilities Management business

* Before non recurring items

Commenting on the announcement, Steve Norris, Chairman, said:

“We have witnessed over the last 12 months a rare combination of a complicated financial restructuring and a major operational turnaround at the same time.

I am particularly pleased to report a return to operating profit. The Rail and Plant business has delivered to its leading customer significant improvements in safety, productivity, timescales and costs. The Roads business has recovered to break even before allocation of central costs and the Board is confident that we shall see a return to profit in the relatively short term.”

For further information, please contact:

Merlin PR	020 7653 6620
Paul Downes	07900 244888
Bridget Fury	07941 085506

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