Business
Half Yearly Report
Half Yearly Report.
About this update from Morgan Sindall Group Plc
[{"type":"text","content":"\n \nRNS Number : 1004O Morgan Sindall Group PLC 04 August 2014 \n \n\n4 August 2014\n \nMORGAN SINDALL GROUP PLC\n('Morgan Sindall' or 'Group')\n \nThe Construction & Regeneration Group\n \nRESULTS FOR THE HALF YEAR (HY) ENDED 30 JUNE 2014\n\n\n\n \n\n\n\n\n \n\n\nHY 2014\n\n\nHY 2013\n\n\n% Change\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n Revenue\n\n\n£998m\n\n\n£1,019m\n\n\n-2%\n\n\n\n\n Operating profit - adjusted1\n\n\n£15.2m\n\n\n£16.2m\n\n\n-6%\n\n\n\n\n Profit before tax - adjusted1\n\n\n£14.2m\n\n\n£15.4m\n\n\n-8%\n\n\n\n\n Earnings per share - adjusted1\n\n\n28.6p\n\n\n31.5p\n\n\n-9%\n\n\n\n\n Period end net cash\n\n\n£34m\n\n\n£40m\n\n\n\n\n\n\n\n Average net debt\n\n\n(£6m)\n\n\n(£32m)\n\n\n\n\n\n\n\n Interim dividend per share\n\n\n12.0p\n\n\n12.0p\n\n\n- \n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n Operating profit - reported\n\n\n£14.0m\n\n\n£1.8m\n\n\n+678%\n\n\n\n\n Profit before tax - reported\n\n\n£13.0m\n\n\n£1.0m\n\n\n+1,200% \n\n\n\n\n Basic earnings per share - reported\n\n\n26.5p\n\n\n5.4p\n\n\n+391%\n\n\n\n\n1 'Adjusted' is defined as before intangible amortisation (£1.2m) (HY 2013: before intangible amortisation (£1.4m) and exceptional operating items (£13.0m)) \n\n\n\n\n \nGroup highlights:\n \n· Strong order book growth, up 14% since the year end reflecting increase in general market activity\n· Strategic focus on Urban Regeneration delivering increased returns, with significant first half operating profit contribution of £3.5m (HY 2013: £0.4m); regeneration & development pipeline up 5%\n· Improved margin performance in Fit Out, with continued margin pressure in Construction & Infrastructure and Affordable Housing likely to continue into the second half\n· Adjusted operating profit down 6%, impacted by lower profit from the sale of investments\n· Average net debt of £6m, with increasing investment planned through the rest of the year as the development of existing schemes accelerates. New £140m revolving loan facility in place\n· Interim dividend of 12.0p pe...