Regeneration group Morgan Sindall – which has a presence in Birmingham and is involved in many of the majo schemes in the area through a number of its subsidiaries – has announced what it described as "robust" results for 2009.
The firm announced a pre-tax profit of £51.5 million for the calendar year – 28 per cent down on the 2008 figure. The turnover at the group was down 13 per cent, at £2.2 billion.
John Morgan, the group’s executive chairman, said: "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."
Subsidiaries with a presence in Birmingham include construction company Morgan Ashurst, office design firm Morgan Lovell and office refurbishment specialist Overbury.
It also includes Lovell, based in Fort Dunlop, which is currently engaged in a large number of prominent projects around the Midlands.
Key schemes include two new developments of energy-efficient council homes in Birmingham, together worth £4.3 million, for Birmingham City Council’s Municipal Housing Trust as part of a major new-build programme for council homes. Lovell will build 17 houses at Regent Road, Handsworth and 33 homes at Pershore Road, Balsall Heath. At Winson Green, Birmingham, Lovell is building a £4.23 million development for housing and regeneration group Midland Heart which will create 18 apartments and 23 houses for affordable rent or rent to homebuy. The scheme is the first to be awarded to Lovell following the company’s appointment to the Midland Heart new-build contractor framework for housing projects valued between £2 million and £10 million.
The Lovell forward order book stands at £1.3 billion.
"Lovell performed robustly in 2009 due to continuing demand for our expertise in new-build social housing and housing refurbishment and our strong partnerships with housing associations and local authorities," said Lovell managing director Stewart Davenport. "We are working on a number of high profile new-build and regeneration schemes in the Midlands. With the creation of new affordable homes remaining high on the political agenda, and the recovering private housing market leading to new opportunities in mixed tenure regeneration, we are in an excellent position for the future."
