Business
Preliminary results for year
Preliminary results for year.
About this update from Morgan Sindall Group Plc
[{"type":"text","content":"\n RNS Number : 7607N Morgan Sindall PLC 24 February 2009 \n \n\nMORGAN SINDALL plc\n('Morgan Sindall' or 'the Group')\n\nPreliminary results for the year ended 31 December 2008\n\nMorgan Sindall plc, the construction and regeneration group that operates within five divisions, Fit Out, Construction, Infrastructure Services, Affordable Housing and Urban Regeneration, today announces record preliminary results. \n\n\n\n\n\n\n\n\n2008\n\n\n2007\n\n\n\n\n\n\n\nRevenue\n\n\n£2,548m \n\n\n£2,115m \n\n\n+20%\n\n\n\n\nProfit before tax and amortisation\n\n\n£71.4m\n\n\n£62.1m\n\n\n+15%\n\n\n\n\nProfit before tax \n\n\n£62.3m\n\n\n£57.6m\n\n\n+8%\n\n\n\n\nYear end cash balance\n\n\n£120m\n\n\n£219m\n\n\n-45%\n\n\n\n\nAdjusted earnings per share ¹\n\n\n127.8p\n\n\n104.5p\n\n\n+22%\n\n\n\n\nBasic earnings per share\n\n\n106.3p\n\n\n93.8p\n\n\n+13%\n\n\n\n\nTotal dividend per share\n\n\n42.0p\n\n\n38.0p\n\n\n+11%\n\n\n\n\n\n¹ Basic earnings per share before amortisation of intangible assets\n\n\nGroup Highlights\n\n\n\nRecord set of preliminary results\n\n\nContinued success with strategy of developing market leading positions across chosen sectors of the construction market\n\n\nIncreased balance to the Group with growth in Construction, Infrastructure Services and Urban Regeneration\n\n\nThree quarters of activity in public and regulated sectors \n\n\nFinancially robust with strong net cash position\n\n\nForward order book provides good visibility for 2009 and beyond\n\n\n\nDivisional Highlights\n\nFit Out\n\n\n\nFurther strengthened market leading position \n\n\nOperating profit maintained at £25.8m (2007: £25.9m), despite revenue softening to £474m (2007: £492m)\n\n\nMargin at 5.4% (2007: 5.3%), equalling historic peak margin \n\n\nForward order book of £124m (2007: £179m) strengthened to £181m at end of January 2009 (Jan 2008: £183m)\n\n\nAs previously announced we continue to expect a fall in revenue in 2009\n\n\n\nConstruction\n\n\n\nStrong public sector demand, particularly in education and healthcare, offsetting weak commercial property sector\n\n\nOperating profit up 94% to £9.5m (2007: £4.9m), after one-off acquisition related IT costs of £1.0m, on revenue of £813m (2007: £621m)\n\n\nMargin up to 1.3% (2007: 1.2%) after adjusting for o...