Morgan Sindall posts ‘solid’ results
Despite revenue slipping from £1.1bn in the previous year to £1bn, the group said new investments such as the £200m Western Hub initiative in Scotland and a 20-year local asset-backed vehicle with Bournemouth Borough Council were among a number of key investments contributing to the "solid" results.
"We’ve made a good start to the year with some significant long-term development projects," said managing director Ernie Battey. "We remain positive for the second half of 2012 where we’ll be continuing to look for new investment opportunities in areas such as urban regeneration and community-based public-private partnerships."
Across all its five divisions of affordable housing, construction and infrastructure, fit out and regeneration divisions, the firm reported a sound order book of £3.2bn supplemented by a £1.8bn pipeline of regeneration schemes with a further £0.6bn at preferred developer stage.