UK based construction and regeneration group Morgan Sindall posted mixed results for 2012 as its domestic market continues to pose challenges.
Profit before tax, amortisation and non-recurring items was £47.1 million (€54 million) up on 2011’s £45.3 million (€52 million), while revenues dropped to £2 billion (€2.3 billion), versus £2.2 billion (€2.5 billion) in 2011.
However, the group’s backlog continues steady with forward orders at £3.1 billion (€3.6 billion) with £500 million (€575 million) of projects at preferred bidder stage.
Morgan Sindall also reported a growing regeneration pipeline of £2.1 billion (€2.4 billion), up from 2011’s £1.8 billion (€2.1 billion), with a further £400 million (€460 million) of regeneration schemes at preferred developer stage.
“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 John Morgan, the group’s chief executive.
“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.”