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Havelock Europa boosted by major supermarket project

AN increase in retail activity and a prediction for long-term growth in education has helped to send shares in Havelock Europa up by 5%.

The Fife company indicated it would hit full-year expectations in 2013 and said it has completed its first project for a "major UK supermarket".

Although it did not name the customer, Havelock said the project covered one site and added: "This is a sector of the market which the group has been actively pursuing and it represents an important step in further expanding its coverage of the retail market."

There is also a general upturn in tender activity in the UK and overseas in the retail sector, where Havelock works for the likes of Marks & Spencer, Primark, House of Fraser and H&M, which is expected to lead to a growing order book in 2014.

Orders in education remain "subdued" with revenue in the coming year likely to be below that delivered in 2013.

However, Havelock, headed by Eric Prescott, said it had "confidence" of more orders being taken in the coming months after discussions with builders.

It also pointed out a growing level of business coming from student accommodation projects.

Net debt was said to be £500,000 at the end of December.

Shares closed up 0.88p at 18.25p.

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