Morgan Sindall profit falls

22nd Feb 2011 07:25

Construction and regeneration group Morgan Sindall posted a 9% fall in annual pre-tax profit as the challenging trading environment continues to hurt its performance. Pre-tax profit fell to £40.7m for the year ended 31 December 2010 from £44.7m the year before. Revenue for the year was down 5% at £2.1bn. Commenting on trading executive chairman John Morgan said, "Trading remains challenging, but we continue to secure profitable projects.""We are well placed to exploit opportunities presented in the short-term, whilst carefully monitoring market trends to maximise long-term growth potential. The group remains financially strong with an exciting future." Morgan Sindall, which last week won a £25m sustainable housing contract in Hackney, said its order book increased to £3.6bn from £3.2bn the year before.The group's year end cash balance rose 26% to £149m. The total dividend per share remains unchanged at 42p.