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Interim Results

Morgan Sindall swings to H1 pretax profit

02 August 2016 07:30

Morgan Sindall has swung to an H1 pretax profit of £15.4m, from a loss of £27.2m, with revenue coming in at £1.15bn, broadly flat. Interim dividend was 13p a share, from 12p.

CEO John Morgan said the group had delivered strong profit growth in the first half, with an improved cash position and lower average net debt across the period.

"All divisions have contributed, demonstrating the strategic and operational progress made across the Group over the last few years.

"The EU Referendum result has introduced some uncertainty into the markets in which we operate and it's still too early to determine what the potential impact on the Group will be in the medium and longer term.

"For the current year, however, based upon current trading patterns, our high quality secured order book and the visible pipeline of opportunities, the Group is on track to deliver a full year result slightly above its previous expectations."

Meantime, chairman Adrian Martin intends to step down by year's end and a search for his successor was underway.

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