East Anglia: Councils deal boosts construction group Morgan Sindall
CONSTRUCTION group Morgan Sindall, which has a major presence in East Anglia, said yesterday it remained on course to meet expectations for the current year.
The group said orders outstanding at the end of June totalled �3.6billion, unchanged from the start of the year, while its pipeline of developments increased to �1.8bn with a further �800million where it is preferred bidder.
Its appointments over the past six months have included a �500million framework agreement with the Smarte East Alliance, which involves Suffolk, Essex and Hertfordshire county councils, and �285m of work on the Crossrail project in London, on the Pudding Lane station and tunnels.
Morgan Sindall also revealed yesterday that it has established a foothold on the �1.2billion revamp of Gatwick Airport, having made a shortlist of firms appointed for the work.
The group is one of 10 contractors which will compete for work under the project, which includes upgraded terminal facilities, new aircraft piers and new retail, security and immigration areas.
Global Infrastructure, a joint venture between US giant General Electric and bank Credit Suisse, acquired Gatwick from BAA in 2009 for �1.5bn and has promised to improve drastically the experience for passengers at the airport.
Morgan Sindall is already carrying out work at Gatwick, building a �50m North Terminal extension, and is also currenlty building a new control tower at Birmingham Airport.
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Group chief executive Paul Smith said that the good start to trading since the start of the year had continued in recent weeks, although he cautioned that margins had come under pressure in construction while the pipeline of private finance initiative (PFI) work had slowed.
Overall, however, Mr Smith said the first half had been positive for the group and it expected to meet full year expectations.
The group’s Morgan Sindall-branded construction business has offices in Ipswich, Norwich and Cambridge and its affording housing arm, Lovell, also operates in the eastern region through offices in Norwich and Cambridge.