Construction and infrastructure company Morgan Sindall has contributed to a strong performance by the Morgan Sindall Group plc, according to its preliminary results for the year ended 31 December 2017, released today.
With national headquarters in Rugby, and regional offices and projects around the UK, Morgan Sindall is 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 c£100,000 to £35 million. In 2017, the team completed a c£18 million scheme at Saltend Wastewater Treatment Works for Yorkshire Water. The project involved improving performance and efficiency of the plant which was required due to the growing local population.
The company is also entering the start of the construction phase of the seven-year joint venture project to deliver the west section of the Thames Tideway Tunnel, or ‘super-sewer’ - valued at around £500 million to the joint venture.
The Group delivered a strong overall performance for the year with adjusted operating profit up 41% to £68.6 million (FY 2016: £48.8 million) on revenues of £2,793 million, a 9% rise on the previous year (FY 2016: £2,562 million). The reported operating profit was up 42% for the year at £67.4 million (FY 2016: £47.4 million) with the Group ending 2017 with a net cash position of £193 million (FY 2016: £209 million). Adjusted earnings per share rose 43% on last year at £121.1p (FY 2016: 84.7p). The dividend for the year is 45.0p, a 29 % increase from 2016’s 35.0p per share. The Group’s order book was also up 6 %to £3.8 billion.
Simon Smith, Morgan Sindall’s managing director for Infrastructure, commented:
“The focus on our chosen sectors of Highways, Rail, Aviation, Energy, Nuclear and Water, and careful project selection has contributed to these strong year end results. We are proud to be working with our customers on flagship projects across the UK to improve the country’s infrastructure, support economic growth and benefit local communities.”
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