‘Robust’ results for construction group
CONSTRUCTION and regeneration group Morgan Sindall, which has a major presence in East Anglia, yesterday posted what it termed “a robust performance” for 2010 despite a “challenging” trading environment.
The group reported a headline pre-tax profit of �51.3million, slightly down from �51.5m in 2009, on revenue of �2.102billion, against �2.214bn the previous year.
With the group’s forward order book currently standing at �3.6bn, up from �3.2bn a year ago, the dividend is being pegged at 42p per share.
Morgan Sindall’s construction, infrastructure and design business, which includes a local office in Ipswich, is currently working on a �235m contract at Whitechapel and Liverpool Street stations in London, as part of the BBMV joint venture, to build tunnels for the Crossrail project
In Suffolk, meanwhile, it is working on an �18.5m scheme to design and build a new sixth form college in Lowestoft, which will replace the existing sixth forms at three high schools in the town.
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The group’s affordable housing and regeneration arm, Lovell, which has offices in Cambridge and Norwich, expanded during 2010 through the acquisition of maintenance specialist Powerminster Gleeson Services and the transfer of more than 70 maintenance contracts formerly operated by Connaught which went into administration during the year.
In East Anglia, this included an emergency repairs service for Norwich City Council and the completion of unfinished improvement work.
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Other new contracts in the region have included a �2.75m development of 29 affordable homes for Orbit Homes at St Margaret’s Road, Lowestoft, and a �5m regeneration scheme at Great Cornard, near Sudbury, led by Babergh council in partnership with Flagship Housing Group.
Lovell is also working in Colchester on a �19.5m regeneration scheme to refurbish 73 two-, three- and four-bedroom properties for Colne Housing Society.
“Our enhanced response and planned maintenance capacity following the Connaught acquisition means that Lovell is able to provide customers with a complete range of housing services and reinforces our market-leading position as the UK’s top social housing specialist,” said Lovell managing director Stewart Davenport.