Morgan Sindall delivers solid half-year performance
Morgan Sindall Group, which operates through five divisions of construction and infrastructure, fit out, affordable housing, urban regeneration and investments, has today announced solid results in line with expectations for the first six months to 30 June 2012.
The Group’s profit before tax, amortisation of intangible assets and non-recurring items was £20.3 million (2011: £19.5 million) on revenue of £1.0 billion (2011: £1.1 billion). The Group also reports a sound order book of £3.2 billion supplemented by a £1.8 billion pipeline of regeneration schemes with a further £0.6 billion at preferred developer stage. Adjusted earnings per share for the period were 39.3p (2011: 35.1p) The Board has declared a maintained interim dividend of 12.0p (2011: 12.0p).
“We have delivered a solid performance over the first half of 2012 and we are on track to meet our expectations for the full financial year,” says John Morgan, the Group’s executive chairman. “Despite the challenging economic environment, we are encouraged by the continuing opportunities in growth infrastructure sectors and we remain committed to investing in our regeneration business to drive growth over the medium to long term. Whilst we expect market conditions to remain challenging in the short term, we believe our strong track record of successful delivery and our ability to provide our customers with creative, integrated solutions leaves us well positioned for the future.”