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Morgan Sindall optimistic despite 28pc drop in profits

Morgan Sindall has recorded an 8 per cent drop in revenue and a 28 per cent slide in pre-tax profits for the first half of the year.

Compared to the first six months of 2008, the group’s profit fell from £28.6 million to £20.5 million and its revenue dropped from £1.24 billion to £1.14 billion.

But the group offered a hint of optimism as it predicted its orders to grow in the second half of the year. The group’s order book currently stands at £3.6 billion, but executive chairman John Morgan believes Morgan Sindall could grow despite “challenging market conditions”.

He said the construction and infrastructure divisions had improved in performance during the half and he told shareholders the group was financially robust, with a strong net cash position and renewed banking facilities.

Mr Morgan said: “While the construction industry will face challenging trading conditions in the short term, we are in good shape and will emerge from the downturn a much stronger business.  Operationally and financially we are well set to take advantage of the opportunities for further growth that will arise in our chosen markets.

“We are confident of meeting our expectations for 2009.”

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