Member Article

Morgan Sindall Group reporting strong year

Construction firm Morgan Sindall, which is delivering some major projects in Liverpool and the North West, has reported a strong year.

Against a backdrop of continued challenging trading conditions, Morgan Sindall Group delivered strong operating cash flow with year end net cash of £70 million (2012: £50 million).

Operating profit before amortisation and exceptional operating items was £33.6 million (2012: £48.1 million) on revenues of £2,095 million (2012: £2,047 million).

Adjusted earnings per share were 60.9p (2012: 92.0p). The dividend for the year is 27.0p per share (2012: 27.0p). The Group’s committed order book stands at £2.4 billion (2012: £2.2 billion) and the regeneration & development pipeline grew to £3.0 billion (2012: £2.5 billion).

Morgan Sindall has won a £15 million contract to construct the new St Hilda’s Church of England High School in Sefton Park, Liverpool. The project for Liverpool City Council will see the company construct a new school on land which neighbours the existing school site on Croxteth Drive.

The new school will be considerably larger than the existing building with intake rising from 129 to 150 pupils across each year group. Once complete, the development will also allow the school to transition into a co-educational school.

Morgan Sindall is on site at a £7 million project to expand Liverpool Science Park (LSP) and construct a new building which will provide 42,000 sq ft of additional office and laboratory space. The company is close to completing the new four-storey block at the site, which will be named Innovation Centre 3 (ic3).

Morgan Sindall is nearing completion on a £7.9 million contract to design and build a 1,000 space, seven-storey car park in Stockport. The new car park, for Muse Developments and Stockport Council, forms part of the first phase of developments of a multi-million pound transformation of the Grand Central leisure complex into a high specification office quarter.

The firm has also completed work on a £10 million student accommodation development for the University of Chester. The project comprised the design and construction of a four-storey building which is made up of the interconnecting modular blocks. The development will house 202 students, a lecture area and changing room facilities for the University’s recently constructed sports pitches.

In addition, in November, Morgan Sindall’s Infrastructure business was awarded, in joint venture, the construction contract of the £290 million A6 to Manchester Airport Relief Road scheme.

The project for Stockport Council will improve the local economy and improve lives within Stockport by reducing congestion on local roads. Subject to planning approval, construction of the road is expected to take place between 2014 and 2017.

Graham Shennan, managing director of Morgan Sindall said: “2013 was a busy year for Morgan Sindall despite challenging market conditions. The hard work of our people, combined with our collaborative relationships with supply chain and joint venture partners, has ensured that we have continued to secure strategically important contracts and framework positions across a wide range of market sectors.

“As a result, we enter 2014 with a strong order book and this, combined with our commitment to safe and sustainable working, delivering a fully integrated offering on complex projects, and a reputation for consistently delivering outstanding service to our customers, positions us well to take advantage of the upturn in our markets.”

This was posted in Bdaily's Members' News section by Simon Malia .