Mixed results revealed
The infrastructure divisions of groups Galliford Try and Morgan Sindall have announced contrasting financial results. Construction and housebuilding group Galliford Try has seen its profit from operations in its infrastructure arm fall to £3.6M on revenue of £215.4M for the six months to December 31, 2012.
The second-half figures are down on the profit of £5.2M and revenue of £249.7M for the first six months of 2012. The figures for the second-half represented a 1.7% margin, down from 2.1% in the first half.
For the group as a whole revenue fell to £678.3M, compared with £746.8M for the first half of 2012. Pre-tax profit, however, remained flat at £32.2M due to a strong showing in housebuilding.
Galliford Try’s Infrastructure division carries out civil engineering projects, primarily in the water, highways, flood alleviation, remediation and renewable energy markets operating across the UK. It said it is "preparing and progressing our interest in the water sector’s next five-year asset management programme" and is "encouraged" by the government’s planned investment in infrastructure projects.
Greg Fitzgerald, chief executive, said: "We are also encouraged by our performance since the start of the calendar year and are confident of meeting the Board’s expectations for the full year."
Morgan Sindall’s infrastructure business contributed to "a solid set" of preliminary results for the year ending December 31, 2012.
Against a backdrop of challenging trading conditions Morgan Sindall Group delivered a solid performance in 2012. Profit before tax, amortisation and non-recurring items was £47.1M compared with £45.3M for 2011 on revenues of £2B.
In January, Yorkshire Water Services awarded Morgan Sindall, in joint venture, a £14.6M project to upgrade Castleford Wastewater Treatment Works. This followed the joint venture’s appointment in November 2012 for a £22M project to improve Bridlington’s bathing water quality and a similar project at Scarborough, worth £26M.
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