Construction company Morgan Ashurst contributed to another strong set of full year results released today (19 February 2008) by parent construction and regeneration group Morgan Sindall plc.
Morgan Sindall, which operates through five specialist divisions of fit out, construction, infrastructure services, affordable housing and urban regeneration, has today announced another set of record results for the year ended 31 December 2007. Profit before tax and amortisation has increased 30 per cent to £62.1 million (2006: £47.6 million) on revenue of £2.1 billion up 41 per cent from £1.5 billion in 2006. Adjusted earnings per share grew by 34 per cent to 104.5p (2006: 78.2p), with the total dividend increased by 36 per cent to 38p. The Group’s forward order book has reached £4.3 billion up 30 per cent from £3.3 billion in 2006 representing year-on-year organic growth of 12 per cent.
Morgan Ashurst, which formed last year following the acquisition and integration of Amec plc’s national construction business Design and Project Services (DPS) with Bluestone, has contributed to this result with organic revenue (excluding revenue from the acquired DPS business) for 2007 at £442 million, up 29 per cent from £343 million in 2006. Total Morgan Ashurst revenue has increased this year by 81 per cent to £621 million.
The company has benefited from positive market conditions during the year which has been helped by increased Government spending in education and health and by a strong commercial sector. The acquisition of Amec DPS has also added to the size and capability of the business to deliver schemes from £50,000 to £300 million plus complex projects