Profits up by one-third at construction group
CONSTRUCTION group Morgan Sindall is planning to build on the foundations of a successful year and expects its momentum to continue this year.
Adjusted pre-tax profits were up 36% to £34.3m in 2015 on the back of a 7% rise in revenue to £2.39bn at the Rugby-based group.
It increased the dividend in line with revenue growth, to 29p.
Morgan Sindall’s chief executive John Morgan said the results were “evidence of the strategic and operational progress” the group made during the year.
He said: “Looking ahead to 2016, the positive momentum across the Group is expected to continue. A strong level of performance from Fit Out is anticipated, together with further strategic progress in Urban Regeneration and profit growth in Affordable Housing, driven by its mixed-tenure regeneration activities.
“With a further steady recovery in the performance of Construction & Infrastructure also expected, the group is in a strong position to deliver on its expectations.”
Morgan Sindall’s major projects in the West Midlands include a year-long refurbishment of a 100,000 sq ft building at Coventry University while the group is also the main contractor on 55 Colmore Row in Birmingham city centre.
