Contractor reveals new name for construction business as pre-tax profit is boosted by affordable housing growth
Morgan Sindall has reported an 18% rise in pre-tax profit in it interim results, boosted by a strong performance in affordable housing.
Profit for the first half was £25.2m, compared with £21.3m in the corresponding period last year. Turnover rose 24% to £836m over the same period.
The company reported strong results across all sectors, particularly in affordable housing where profit rose 13% to £11.5m.
Since the period end, Morgan Sindall has acquired Amec’s development and construction businesses. It announced today that its construction business would be rebranded as Morgan Ashurst following the acquisition, with the acquired business renamed Muse Developments.
John Morgan, Morgan Sindall executive chairman, said: “We have delivered impressive profit growth in all business areas. The recent acquisitions will further strengthen our construction and infrastructure services division, and create a UK-wide leading urban regeneration business. The businesses are being fully integrated and we are confident that they will be earnings enhancing in this financial year.”