Despite the division’s problems, Morgan Sindall executive chairman John Morgan said he believed the business would return to profitability in 2003n once the restructuring started this year took effect.
“The new management structure is now in place and marketing plans are progressively being implemented as are new risk-management procedures,” said Morgan. “I’m confident things have settled down but there is still a lot of work to do.”
I’m confident things have settled down but there is still a lot of work to do
John Morgan, executive chairman, Morgan Sindall
Morgan Sindall warned the City earlier this year that Bluestone would post a £4m loss. Morgan said the 9p rise in the share price soon after its results were released showed that investors still had confidence in the group. He said: “The City was pleased Bluestone’s losses were what we said they would be.”