Regional operations contribute to Morgan Sindall’s profit surge

Morgan Sindall has unveiled a 27% increase in pre-tax profits, with the performance of its Midlands businesses contributing to the construction group’s growth.

It generated £30.2m in pre-tax profits, after adjustments, in the first half of 2018. Revenues grew 9% to £1.42bn in the same period.

Morgan Sindall’s chief executive John Morgan said the results “demonstrate the considerable operational and strategic progress made across the group”.

In the Midlands, its construction division has recently been appointed to a £500m infrastructure framework scheme and has broken ground on a £47m mixed-use regeneration scheme in Leicester.

Other key Morgan Sindall projects include the contract to deliver an £18m business school for the University of Birmingham and its work in the region on HS2, with an enabling works contract worth up to £100m over four years.

Morgan Sindall’s housebuilding business Lovell is also performing well, with a regional forward order book now at £387m.

It expects to complete on 480 homes this year during 2018, with its largest sites being Principal Point, in Wellington, Shropshire, and Queensbury Park in Telford.

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