The firm behind the development of the new manufacturing technology centre in Coventry and a new entrance and library at Newman University College has revealed a nine per cent fall in profits.
Construction and regeneration group Morgan Sindall has seen pre-tax profits fall to £40.7 million in 2010, compared to £44.7 million the year before as the challenging trading environment continues to hurt its performance.
Revenue for the year was down five per cent, at £2.1 billion.
The company is currently working on an £8.5 million contract to create a new three-storey entrance building and library at Newman University College, in Birmingham and a £15 million scheme to create a manufacturing technology centre at Ansty Park, Coventry.
It is also the parent company of Lovell, which is currently involved with a £7 million scheme to build council housing in Handsworth, Balsall Heath and Ladywood and a £4.5 million, 48-home development for West Mercia Housing Group, creating Birmingham’s first zero-carbon affordable homes.
Executive chairman John Morgan said: “Trading remains challenging, but we continue to secure profitable projects.”
“We are well placed to exploit opportunities presented in the short-term, whilst carefully monitoring market trends to maximise long-term growth potential. The group remains financially strong with an exciting future.”
Morgan Sindall said its order book increased to £3.6 billion from £3.2 billion the year before.
The group’s year end cash balance rose by 26 per cent, to £149 million.
