Turnover up 48% on a year ago with profit up 31%, but recent writedown not included
Morgan Sindall has seen its half-year turnover climb to well in excess of £1bn in a record set of interim results.
However, the results do not take into account the writedown it has been forced to make on its acquisition of two Amec divisions last year.
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The construction and regeneration group saw revenue hit £1.24bn in the six months to 30 June this year, up 48% from £836m during the same period last year. The group made a pre-tax profit of £33.1m, up 31% from £25.2m in the first half of 2007.
Its performance has been buoyed by rapid growth in its infrastructure division, with operating profits rising to £7.7m during the period, a 90% rise from the £4m figure for the first half of 2007.
Morgan Sindall's construction group saw its operating profits for the half-year rise 86%, to £4.1m from £2.2m in the first half of 2007. However, revenue in the sector more than doubled, up to £418m in the last six months from £199m during the same period last year. The growth was driven by its £23m acquisition of the construction and infrastructure divisions of Amec in 2007.
That purchase caused Morgan Sindall to put out a trading warning last month, predicting that the outlook for 2009 would be hurt by the downturn in the commercial property and private-sector housebuilding sectors.
John Morgan, executive chairman, said: “Despite challenging market conditions, we have delivered a record set of interim results. We remain on track to deliver record results for this year in line with our expectations.”
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