Waterways contract boosts Fountains' turnover

Environmental support services firm Fountains' contract win with British Waterways earlier in the spring has boosted its turnover year on year.

The firm, which has its head office in Banbury, Oxfordshire, last week announced its interim results for the six months to March 2009.

Its turnover was £21.2m, compared to £20.7m in the same period last year. Operating profit has risen from £0.6m to £0.8m.

The increases are a direct result of a contract win with British Waterways worth at least £15m over three years (HW, 20 February).

The news lifted Fountains' fortunes after it announced turnover was down by around £3m last year.

In addition, the firm has seen a marked increase in orders in the rail and highways sectors, according to chief executive Richard Haddon.

"I am delighted with the strong performance in the first half," Haddon said. "The long-term British Waterways contract win will add significant future revenues and has further increased the size of the markets we address.

"This is one of the significant contracts that we have advised shareholders about previously, and negotiations continue on others. We have seen a very high level of activity and I expect this to continue into the second half."

The firm has also won an award for health and safety from the Royal Society for the Prevention of Accidents. Shareholders are expected to be updated about ongoing discussions concerning a possible takeover, Haddon added.

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