09.08.17
Morgan Sindall reports strong profits as rail work ‘progresses well’
Morgan Sindall Group Plc has today announced that it enjoyed strong profit growth in the first half of this year, with its rail division “progressing well” with its projects.
The construction company recorded a 37% increase in profits to £24.9m in 2016-17, on revenue of £1.307bn – a rise of 14% on the previous half year.
The group also reported an order book of £3.801bn, a 5% rise from £3.637bn, whilst adjusted earnings per share were up 46% for the period to 43.6p.
With regards to the company’s Rail wing, a statement said that work was progressing with London Underground’s (LU’s) ‘Future Stations’ Civils and Tunnelling Works framework, which it was awarded in 2016.
It added that the eight-year framework is likely to be worth £350m, and is part of LU’s ongoing plans to upgrade stations including Camden, Elephant and Castle and Paddington. Morgan Sindall also continues in its joint venture work on three Crossrail projects worth a combined total of £300m.
Work is also continuing with Network Rail on the £250m Edinburgh to Glasgow Improvement Programme to deliver rail infrastructure upgrades as part of the Scottish government funded investment in the rail network.
“We are working on numerous prestigious projects across the country, delivering both new projects and redevelopment schemes in our chosen sectors of highways, rail, aviation, energy, nuclear and water,” said Simon Smith, Morgan Sindall’s managing director for infrastructure.
“These projects are instrumental in driving the UK’s prosperity. We are proud to be working with our customers, both new and established, to realise these schemes for the benefit of local communities and the surrounding areas.”
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