Construction group builds 23% increase in pre-tax profits
Regional construction firms have contributed to the year-end results of parent company, Morgan Sindall Group, which has reported a 23% rise in pre-tax profits for 2018.
Construction and regeneration group, Morgan Sindall, has revealed that the overall group saw pre-tax profits rise by 23% from £66.1m to £81.6m for the year ending 31 December.
Revenues were also recorded at £2.97bn for 2018, which is an increase of 6% on the £2.79bn achieved the prior year.
During the period, Morgan Sindall Construction won a competitive tender to build a £60m motorway service station on the outskirts of Leeds for specialist developer Extra MSA Group.
The company also continues on work to construct the £30m Barbara Hepworth Building at the University of Huddersfield, which is on track to completed for the start of the 2019 academic year.
Pat Boyle, managing director for Morgan Sindall Construction, said: “The past 12 months have proven to be a positive year for Morgan Sindall Construction, as we continue to focus on our customers’ needs and deliver a variety of complex projects across the country.
“Fundamental to our purpose is to deliver inspirational buildings where people live, learn and work; play, care and create – from public sector facilities to private sector developments, our projects aim to deliver exceptional customer experiences and life-enhancing outcomes.”
Leeds construction firm Lovell also played a major role in this growth by building more than 2,500 homes across England, Scotland and Wales throughout the year. The company’s combined national forward order book and regeneration and development pipeline now stands at £1bn.
Among Lovell’s projects in Yorkshire are a £30m waterside residential development in Doncaster, south Yorkshire; and a £9.3m phase of a large-scale housing regeneration programme in Hull which will provide nearly 800 new homes in the city’s Ings area.
Robert Adams, Lovell regional managing director, said: “Our focus for 2019 is on continuing to drive strategic growth across Yorkshire and Lincolnshire where our total forward order book now tops £112m.
“Lovell’s ability to offer such a comprehensive range of solutions to our clients and partners, and in particular our expertise in land-led residential development, has led to our involvement in some of the region’s most important homes schemes.”
Muse Developments, the urban regeneration and property development company, is also moving forward on 36 regeneration schemes across the UK. Thirteen projects totalling a construction value of £350m are currently on site, with Muse expecting to place a further £510m of construction contracts over the next 12 months.
Key developments for Muse in Yorkshire include: Construction of a 361,000 sq ft distribution centre for technology distributer Premier Farnell at Muse’s manufacturing and distribution development Logic Leeds; and completion of the second phase of 43 new homes at The Gables in Doncaster town centre.
David Wells, regional director for Yorkshire at Muse Developments, added: “2018 was a strong year for Muse, with significant progress on many of our regeneration schemes across the UK and we are continuing that momentum in 2019.
“Our Logic Leeds scheme is going from strength to strength, with construction now complete on a 361,000 sq ft distribution centre for Premier Farnell and a forward funding deal completed for a further 361,000 sq ft unit which has a pre-let secured with a high profile global occupier. In Doncaster, construction is complete on the second phase of our successful The Gables residential scheme, delivering 43 new homes in the town centre.”
