Aquisition of Amec businesses helped acccount for half of contractor's growth of 41%

Morgan Sindall has beaten City expectations with record full-year results to the year ended 31 December 2007 of £57.6m pre-tax profit on £2.1bn turnover.

John Morgan
Morgan: aquisitions have bought better balance to group

Turnover was up 41% on last year’s figure of £1.5bn and pre-tax profit climbed 21% from £47.6m in 2006.

John Morgan, executive chairman, said: “Our business strategy has proved highly successful in helping us to achieve record preliminary results, with all operating divisions delivering impressive profit growth.”

Morgan added that half of the turnover and profit growth came from the acquisition of Amec’s developments and project services divisions last July.

He said: “The businesses we acquired last year have been substantially integrated and have extended our capabilities in construction, infrastructure services and urban regeneration, thereby bringing an increasing balance to the group.”

The forward order book at the start of 2008 was £4.3bn compared with £3.3bn last year.