20th Feb 2020 11:28
(Alliance News) - Morgan Sindall Group PLC on Thursday reported increase in annual revenue and profit and said "strong results" reflect high quality of its operations.
The London-based construction firm said revenue rose 3% to GBP3.1 billion in 2019, compared to GBP2.9 billion in 2018, while pretax profit increased to GBP88.6 million compared to GBP80.6 million.
Secured workload in 2019 jumped 14% to GBP7.6 billion from GBP6.7 billion a year ago.
As a result, the company increased total dividend 11% to 59.0 pence from 53.0p paid in 2018.
Morgan Sindall said focus in the year again was on contract selectivity, operational delivery and on generally improving the overall quality of business won and delivered.
On a divisional basis, Construction & Infrastructure revenue rose to GBP1.5 billion from GBP1.3 billion in 2018, while Fit Out delivered revenue of GBP839.0 million compared to GBP831.0 million a year ago.
Chief Executive Officer John Morgan said: "Our strategic focus on construction and regeneration underpins the positive momentum across the group and provides the platform for future progress."
Looking ahead, Morgan Sindall said increased secured workload leaves the company well-positioned for the future.
"The group is confident of another good year of progress in 2020 and is in a strong position to deliver on its expectations," the company said.
Morgan Sindall shares were trading 0.6% higher in London at 1,950.00 pence each on Thursday.
By Loreta Juodagalvyte; [email protected]
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