Contractor Morgan Sindall has this week announced a rise in pre-tax profit for 2012.
The contractor’s most recent financial statement posted a pre-tax profit of £47.1M compared to £45.3M for 2011, the regeneration pipeline grew from £1.8bn to £2.1bn. However, revenues fell from £2.23bn to £2.05bn and earnings per share shrank from 86.7p to 79.3p.
“2012 has seen a solid performance in what has been a very tough market. The newly structured Board is focused on managing the business tightly to ensure we emerge from the downturn in a strong position to take advantage of the opportunities we believe lie ahead,” said Morgan Sindall’s chief executive John Morgan.
“Our exposure to infrastructure continues to grow, and we see further opportunity to leverage our strong track record and gain market share. The momentum in our regeneration pipeline reinforces our confidence that returns from our investment will start to increase over the medium term and deliver superior returns.”