East Anglia: ‘Resilient’ annual results for construction group Morgan Sindall
CONSTRUCTION and design group Morgan Sindall yesterday posted “resilient” annual results, showing increased revenues but a dip in profits.
The national group, which includes regional offices in Ipswich and Norwich, reported a pre-tax profit of �45.3million for the year to December 31, 11.7% down from �51.3m in 2010.
Revenue was 6% up, at �2.23billion against �2.10bn. The group attributed the lower profit to challenging trading conditions, although the total dividend for the year is being held at 42p per share.
Morgan Sindall added that its forward order book currently stands at �3.4bn, down from �3.6bn a year ago, but with a growing pipeline of regeneration work at �1.8bn, against �1.4bn, and a further �600m of regeneration schemes at preferred developer stage.
Recent contract wins have included a �6.3m deal with Essex County Council to build the new Canvey Skills Campus vocational college and a �4.6m contract with the National Construction College for two accommodation blocks and an energy centre for CITB ConstructionSkills at Bircham Newton, Norfolk.
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Projects completed by Morgan Sindall in the region last year included the �18.5m Lowestoft Sixth Form College, which opend last autumn, and a �2.9m Magnetic Resonance Imaging and Computed Tomography unit at the Norfolk and Norwich University Hospital, opened in January.
Graham Shennan, managing director of Morgan Sindall, said: “Morgan Sindall will focus on growing our market share and maintaining and improving our market-leading positions throughout 2012.
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“This will be underpinned by our proven track record, strong local presence and a relentless focus on both an exceptional customer experience and safety.
“The depth and breadth of our skills as well as those of our supply chain and joint venture partners, combined with our ability to offer a fully integrated service on complex projects, will continue to allow us to capitalise on our strong pipeline of opportunities throughout the year.”