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Education projects boost building group Morgan Sindall's profits
12:30, 06 August 2012
updated: 12:32, 06 August 2012
Education building projects in Kent have helped a national construction firm chalk up stronger half-year profits.
Morgan Sindall Group, with offices in Smeeth, near Ashford, posted pre-tax profits of £20.3m on £1bn revenue in the six months to June 30.
Profit edged up from £19.5m in the same period in 2011, while revenue was fractionally down from £1.1bn. The group also reported a £3.2bn order book, with a £1.9bn pipeline of regeneration schemes.
Morgan Sindall recently won a £6.6m contract with Canterbury College for a new three-storey teaching block with specialist accommodation for supported learning students, including those with physical, sensory and learning difficulties.
It will also provide high-quality teaching facilities for higher level students. Thirty classrooms will be located on upper floors with their own ground floor entrance, reception area and common room.
The company is close to completing a £2.5m contract to construct a new sports hall at The Skinner’s School, Tunbridge Wells, and has completed a £950,000 project at Richmond Primary School, Sheerness, for Kent County Council.
This project involved the construction of a single-storey extension, comprising classrooms, library, hall and minor refurbishments and alterations.
Graham Shennan, managing director of Morgan Sindall, said: "The depth and breadth of our skills and dedication of our people have enabled us to increase our market share across a range of key sectors in the first half of the year and our robust cash management and exposure to a broad range of market sectors is underpinning the continued success of the business."
The board declared an interim dividend of 12p, unchanged on 2011.
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