Construction and infrastructure company Morgan Sindall, which has its head office in Rugby, has contributed to full year results released by parent company Morgan Sindall Group plc, the construction and regeneration group.
The Group’s adjusted operating profit was up 26 per cent to £48.8 million (FY 2015: £38.8 million) on revenues of £2,562 million which rose 7 per cent on the previous year (FY 2015: £2,385 million). The reported operating profit for the year was £47.4 million (FY 2015: £10.3 million loss). The Group finished the year with a significantly improved net cash position of £209 million (FY 2015: £58 million).
Adjusted earnings per share were up 34 per cent on last year at 84.7p (FY 2015: 63.0p). The dividend for the year is 35.0p, a 21% increase from 2015’s 29.0p per share. The Group’s order book was also up 29% to £3.6 billion.
Nick Fletcher, Morgan Sindall’s managing director for Infrastructure, said:
“Infrastructure investment has been boosted by the Government’s support for the industrial strategy which identifies infrastructure as a key facilitator for the economy’s growth.”
“As a business, we are well positioned to capitalise on this and have already seen several new wins and framework extensions in 2016 which have enabled us to establish and develop relationships with new customers as well as strengthen our existing ones.”
In August 2015, Morgan Sindall, in joint venture, was appointed to the seven-year project to deliver the western section of the Thames Tideway Tunnel, or ‘super-sewer’ - valued at £300 million to £500 million to the joint venture. The scheme builds on the successful delivery of the pioneering four-mile long Lee Tunnel, completed in early 2016, which Morgan Sindall designed and built in joint venture for Thames Water. The east London project was worth around £300 million to Morgan Sindall and is the Capital’s deepest tunnel.
Morgan Sindall is also continuing its water network upgrade and enhancement works as part of two Asset Management Period 2015 – 2020 frameworks for Yorkshire Water and Welsh Water. Projects include clean water and waste water projects ranging in value from circa £100,000 to £35 million.
Other tunnelling work included the award in December 2016 of a place on London Underground’s ‘Future Stations’ Civils and Tunnelling Works framework to Morgan Sindall, in joint venture. The eight-year framework is anticipated to be worth £350 million and is part of London Underground’s plans to upgrade its stations – including Camden, Elephant and Castle and Paddington.
In nuclear and energy, in December 2016 Morgan Sindall in joint venture was awarded a five-year extension of the Infrastructure Strategic Alliance (ISA) contract. This is the first renewal of a contract that has the potential for further extension periods, subject to performance, up to a total life of 15 years. The ISA is responsible for a £1.1 billion contract to provide essential infrastructure assets to the Sellafield site.
Morgan Sindall Construction & Infrastructure Ltd has a network of local offices. The company works for private and public sector customers on projects and frameworks from £50,000 to over £1 billion. Activities range from small works and repair and maintenance, to the design and delivery of complex construction and engineering projects where it is able to provide specialist design, tunnelling, utilities, building, civil engineering and mechanical and electrical services.
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