Business
Half year report for six mont
Half year report for six mont.
About this update from Morgan Sindall Group Plc
[{"type":"text","content":"\n RNS Number : 7040Q Morgan Sindall Group PLC 09 August 2010 \n \n\nMORGAN SINDALL GROUP plc\n('Morgan Sindall Group' or 'the Group')\n \nHalf year report for the six months to 30 June 2010\n \nMorgan Sindall Group plc, the construction and regeneration group, today announces half year results.\n \n\n\n\n\n\n\n\n2010\n\n\n2009\n\n\nChange\n\n\n\n\nRevenue\n\n\n£0.98bn\n\n\n£1.14bn\n\n\n-14%\n\n\n\n\nAdjusted profit before tax¹\n\n\n£23.1m\n\n\n£23.9m\n\n\n-3%\n\n\n\n\nProfit before tax \n\n\n£18.4m\n\n\n£20.5m\n\n\n-10%\n\n\n\n\nCash balance\n\n\n£138m\n\n\n£89m\n\n\n+55%\n\n\n\n\nAverage cash for the period\n\n\n£61m\n\n\n£21m\n\n\n+190%\n\n\n\n\nAdjusted basic earnings per share¹\n\n\n42.0p\n\n\n42.6p\n\n\n-1%\n\n\n\n\nBasic earnings per share\n\n\n30.9p\n\n\n34.6p\n\n\n-11%\n\n\n\n\nInterim dividend per share\n\n\n12.0p\n\n\n12.0p\n\n\nN/C\n\n\n\n\n \n¹ Adjusted for amortisation of intangible assets (£2.8m) and non-recurring costs (£1.9m).\n \n \nGroup Highlights\n \n· Strong performance achieved through broad range of activities across multiple sectors\n· Significant strategic development achieved through:\no Construction and Infrastructure Services being combined into a new division, increasing efficiency and delivering a more integrated service to clients\no Acquisition of Powerminster Gleeson Services ('Powerminster'), expanding Affordable Housing division's response maintenance scope and capabilities\n· Continued focus on cost reduction; further £16m of annualised savings realised, in addition to £38m of annualised savings previously announced\n· Financially strong; net cash balance of £138m, £100m undrawn banking facilities, no material pension deficit\n· Maintained interim dividend at 12.0p, reflects optimism about future prospects and strong balance sheet\n \nOutlook\n \n· Forward order book improved by £0.5bn since the start of year to £3.7bn\n· Outlook remains challenging, but broad spread of activities provides resilience\n· Continued focus on adapting Group...