Morgan Sindall delivers solid half-year performance

Morgan Sindall Group, which operates through five divisions of construction and infrastructure, affordable housing, fit out, urban regeneration and investments, has today announced solid results in line with expectations for the six months to 30 June 2011.

The Group’s profit before tax, amortisation of intangible assets and non-recurring items was £19.5 million (2010: £23.1 million) on revenue of £1.09 billion (2010: £982 million). The Group also reports a strong order book of £3.5 billion supplemented by a £1.8 billion pipeline of regeneration schemes. A further £0.8 billion of these schemes are at preferred bidder stage. Adjusted earnings per share for the period were 35.1p (2010: 42.0p). The Board has declared a maintained interim dividend of 12.0p (2010: 12.0p).

“Our broad sector spread, increasingly joined-up approach and focus on more complex projects has helped to underpin a solid set of results,” says John Morgan, the Group’s executive chairman. “While market conditions remain challenging, we continue to make the most of opportunities as they present themselves and invest in our businesses in order to position them for growth in the medium-term. We look to the future with cautious optimism and are confident that we are well positioned to deliver long-term sustainable growth.”