Public projects lift for Morgan Sindall - Business - Evening Standard
       

Public projects lift for Morgan Sindall

"We are having a bit of fun in this recession," declared Morgan Sindall chairman John Morgan today as the construction firm bucked the trend seen elsewhere in the industry with record results.

Revenues were up 20% to £2.5 billion last year, profits rose 8% to £62.3 million, and Morgan is lifting the dividend 11% to 42p.

The bullish update reflected Morgan's focus on Government building projects in education, healthcare and transport. The firm also benefited from its acquisition of Amec's urban regeneration arm in mid-2007.

Profits at Morgan's construction business jumped 94% thanks to the deal and demand for new schools and college buildings, which offset the downturn in commercial property. Its infrastructure business was given a boost by Tube tunnelling contracts at Shepherd's Bush and King's Cross.

However, the office fit-out unit suffered from the turmoil in the City and beyond while the affordable housing division was hit by the collapse of the housing market.

Comments

Don't Miss
Rock star: Erin Wasson

Rock star

Erin Wasson is the ultimate anti-supermodel
Maybe it’s because she’s a Londoner … Happy anniversary, Ma’am

Happy anniversary

The monarchy has become stronger and more respected in the past 60 years
Victoria Coren: My obsession with children, five proposals a week and why David and I are no power couple

Victoria Coren

David Mitchell and I are no power couple
The Royal Academy of Arts Summer Exhibition preview party

Summer party

Stars at the The Royal Academy of Arts
London gets ready for the Diamond Jubilee - in pictures

Diamond Jubilee

London gets ready - in pictures
The Glamour Awards - stars turn on the style

Glamour Awards

Stars turn on the style
Duchess of Cambridge is pretty in pink at her first Buckingham Palace garden party

Garden party

Duchess of Cambridge is pretty in pink
FIRST review of Ridley Scott's latest sci-fi blockbuster Prometheus

First review

Is Ridley Scott's Prometheus any good?
Fair-weather goths

Fair-weather goths

The sultry shades of summer darks are coming out of the shadows
Dog save the Queen: Corgis surge in popularity

Dog save the Queen

Corgis surge in popularity