Morgan Sindall takes profits hit


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The Independent Online

The construction group Morgan Sindall saw profits tumble 9 per cent in the first half as conditions in the industry "remained challenging".

Pre-tax profits fell almost a 10th to £16.7m in the six months to the end of June, following a poor performance from its construction and infrastructure arm. This came despite an 11 per cent boost in revenues to over £1bn.

The group, which makes half its revenues from the public sector, said it was repositioning itself to target commercial contracts. John Morgan, group executive chairman, said the company was looking to the future "with cautious optimism and are confident that we are well positioned to deliver long-term sustainable growth".