Construction and regeneration company Morgan Sindall Group plc has announced its preliminary results today (18 February) for the year ended 31 December 2013.
Against a backdrop of continued challenging trading conditions, Morgan Sindall Group delivered strong operating cash flow with year end net cash of £70m (2012: £50m). Operating profit before amortisation and exceptional operating items was £33.6m (2012: £48.1m) on revenues of £2,095m (2012: £2,047m). Adjusted earnings per share were 60.9p (2012: 92.0p). The dividend for the year is 27.0p per share (2012: 27.0p). The Group’s committed order book stands at £2.4bn (2012: £2.2bn) and the regeneration & development pipeline grew to £3.0bn (2012: £2.5bn).
Commenting on today’s results, Chief Executive, John Morgan said:
“2013 has seen challenging conditions predominate across most of our markets, with competitive pressures impacting on margins and profitability. Notwithstanding this, the positive operating cash flow generated by the business has allowed us to make further investment in strategic assets, key skills and resources, which positions the Group well to benefit from future growth opportunities.
Looking ahead to 2014, although there are signs of improving conditions in some of our markets, it is anticipated that upward pressure on supply chain costs and skills availability will provide additional management challenges. Against this backdrop, we remain confident that our robust order book and on-going disciplined approach to contract selectivity will support the delivery of growth in this year and beyond.”