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Morgan Sindall moves into black

Money

Morgan Sindall returned to profit during the first half of 2016, reporting a pretax figure of £16.1M

Morgan Sindall made a pre-tax loss of £27.2M compared to the same period of last year, because of exceptional losses of £39.4M on two contracts around the Faslane Naval Base in West Scotland.

Forward orders were £3.1bn, an 11% increase from £2.8bn for the same time last year.

Chief executive John Morgan said: “The group has 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 European Union 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.”

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