Chief executive buys £3.2m worth of shares

Morgan Sindall chief executive John Morgan has upped his stake in the construction group to over 10%, after buying £3.2m worth of shares yesterday (10 August).

The move is likely to be seen as a strong vote of confidence in the firm by investors. Morgan told Building earlier this month he was hoping the firm would beat market forecasts for the year after a strong first half to 2016, with the firm rebounding into the black to a £15.4m pre-tax profit from a £27.2m loss.

The firm’s results were boosted by it finally settling the second of two hugely expensive problem Ministry of Defence contracts at the Faslane naval base in Scotland.