Morgan Sindall profits slide 28%

10th Aug 2009 07:03

Construction and regeneration group Morgan Sindall said first half results were in line with expectations despite posting a 28% slide in profits due to the challenging conditions in the period.Profit before tax fell to £20.5m from £28.6m on revenue that slipped 8% to £1.14bn.The group said improved performance and contribution from Construction and Infrastructure Services divisions brought further balance to the group "While the construction industry will face challenging trading conditions in the short term, we are in good shape and will emerge from the downturn a much stronger business. Operationally and financially we are well set to take advantage of the opportunities for further growth that will arise in our chosen markets," said executive chairman John Morgan."We are confident of meeting our expectations for 2009," he added.The board maintained interim dividend of 12.0p.