Morgan Sindall Group reports record profits
Morgan Sindall Group has announced a record profit for the full year to 31 December 2018.
Adjusted profit before tax was up 23 per cent to £81.6 million on revenue of £2.9 billion, which represents a 6 per cent increase on the previous year, while the group reported a committed order book of £3.6 billion and a regeneration and development pipeline of £3.1 billion.
In water, a total of £100 million of works were carried out in 2018 under the two AMP6 frameworks for Yorkshire Water and Welsh Water, while work continued on the seven-year joint venture project to build the west section of the Thames Tideway Tunnel.
Morgan Sindall chief executive John Morgan said: “2018 has been another year of strong growth for the group and these excellent results reflect the high quality of our operations and our people. There is significant positive momentum across all divisions and this provides the platform for future strategic and operational progress.
“Our strong balance sheet, with net cash throughout the year and a business which continues to generate positive operating cash flow, is a significant differentiator for us. This provides us with the flexibility to continue being highly selective with bidding in our construction activities while also allowing us to invest in our regeneration activities.
“Looking ahead to 2019, we are confident of another good year of progress and the group is in a strong position to deliver on its expectations.”
Morgan told Building magazine, though, that profits are likely to fall to the target range of £30 million to £35 million this year, saying: “Last year was a bumper, bumper year.”
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