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Commercial Property News
Morgan Sindall 2009 profits fall 28% on revenues down 13% in tough market
Morgan Sindall, the construction and regeneration Group, posted a 28% fall in full-year pre-tax profit, mainly due to lower demand for open market housing and fit-out services, and said it expected its markets to remain tough in 2010.
However, the company said today it was seeing some signs of recovery in demand for fit out from the financial services sector and that it was confident of making good progress throughout the year.
John Morgan, Executive Chairman, commented:
"These results reflect a very satisfactory performance in difficult trading conditions. We remain in a strong financial position and are well placed to take advantage of the opportunities which the market will present.
"The markets in 2010 will be similar to those we experienced in 2009 but we remain confident of making good progress throughout the year."
The company maintained its total dividend for the year at 42 pence after declaring a second interim dividend of 30 pence, based on it's earning per share of 93.9 pence.
For the year ended December 31, 2009, the company said its pre-tax profit fell to £44.7 million from £62.3 million last year. Revenue fell 13% to £2.21 billion, which was below analysts expectations by around 10%.
Morgan Sindall shares closed at 592.50 pence on Monday on the London Stock Exchange.
However, the company said today it was seeing some signs of recovery in demand for fit out from the financial services sector and that it was confident of making good progress throughout the year.
John Morgan, Executive Chairman, commented:
"These results reflect a very satisfactory performance in difficult trading conditions. We remain in a strong financial position and are well placed to take advantage of the opportunities which the market will present.
"The markets in 2010 will be similar to those we experienced in 2009 but we remain confident of making good progress throughout the year."
The company maintained its total dividend for the year at 42 pence after declaring a second interim dividend of 30 pence, based on it's earning per share of 93.9 pence.
For the year ended December 31, 2009, the company said its pre-tax profit fell to £44.7 million from £62.3 million last year. Revenue fell 13% to £2.21 billion, which was below analysts expectations by around 10%.
Morgan Sindall shares closed at 592.50 pence on Monday on the London Stock Exchange.
Tue, 23rd Feb 2010