Turnover was up marginally to 拢494m, an increase of 拢14m on the figure for the previous 12 months.
Forward orders look health, with 拢1.55bn secured for the next five years. With potential for extensions, this could be increased to 拢3.7bn over 10 years. Over 拢300m was added to the order book during the financial year.
MUS has a strong cash position, with 拢19.1m in the bank, a fall from 拢26.3m a year ago.
Its net assets, including a net pension liability of 拢918,000, stand at 拢72.9m (31 March 2010: 拢60.8m).
MUS, formerly part of Morrison 萝莉原创 Group, provides infrastructure maintenance services to clients in the utility sector. Most of its contracts are long term framework arrangements.
It is owned by private equity outfit Cognetas, which received an approach to buy the firm in August.
During the year, MUS secured a contract with WPD (formerly Central Networks), a new client, started work on a new contract through AMP5 with Yorkshire Water. It renewed its contracts with UK Power Networks, worth potentially up to 拢1bn.
It has a joint venture with Pipe Restoration Technologies, a US firm, to introduce a new lining technology for small diameter water pipes. This is 鈥減rogressing well鈥�.
Chief executive officer Charles Morrison said that although the economic climate was 鈥渃hallenging鈥�, the UK utilities market 鈥渋s perhaps more resilient than other parts of the economy. As expected, the regulatory reviews in the water and electricity distribution markets supported and maintained a high level of investment by utility clients.鈥�
He added: 鈥淭he outlook for MUS is sound, based on our strong order book, consistent operational performance and excellent health and safety record.
But Morrison warned: 鈥淥ur clients rely on borrowing in the financial markets to finance their operations. There is a risk that clients will seek to reduce expenditure or extend payment terms in order to manage their cash resources. We engage in regular dialogue with our clients to continually assess this risk and adjust our resources accordingly.鈥�
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