22-Nov 2005

GSH reveals strong maiden results

GSH has revealed strong results for the year ended 31 July 2005 - its first results since it listed on AiM in April this year. Turnover increased to £118.6 million - up by 16 per cent while profit before tax and flotation expenses rose to £4.5 million - up 27 per cent.

Bob Gilbert, Chairman of GSH siad: "This has been an excellent start to life as a listed company and I am confident that we will deliver further progress and growth in the future. Our strategy will continue to focus on organic growth of our existing activities while also enhancing our operations through selective acquisitions. We are in a strong position and expect to continue our excellent performance of recent years".

The form has seen substantial growth in the UK, particularly from sales of energyplus, its contract energy management solution, which increased 141 per cent over the year. It has also expanded and extended existing contracts such as with Hewlett Packard, which has now been extended from one to five years and T-Mobile where the original contract of 3.5 years has been extended by a further five years.

There was also strong growth in the international businesses. The US operation added two significant contracts including GVA Williams. GSH now employs over 100 people in the US. The Benelux operation achieved a major milestone by winning its first contract worth over £1 million per annum - with Schiphol Airport for three years. The international business now accounts for 16 per cent of group turnover - an increase on last year.

GSH's order book stands at £482 million and since the year end it has won new contracts with MyTravel and Iron Mountain in the UK and Douglas Developments Corporation in the USA.