Building firm's profits fall

Bournemouth Echo: A visit to the Morgan Sindall site on Madeira Road A visit to the Morgan Sindall site on Madeira Road

BUILDING and design company Morgan Sindall – which has contracts worth £27m to regenerate Bournemouth town centre – has reported a drop in operating profits.

Morgan Sindall Group plc revealed that operating profit, before exceptional items, was down from £48.1m to £33.6m in 2013.

In its preliminary results for the year, the group – whose subsidiary Morgan Sindall has offices in Cabot Lane, Poole – said year-end net cash was up from £50m to £70m.

Morgan Sindall is delivering £27m of work as part of regeneration schemes worth £40m in Bournemouth.

Its projects include an £18m contract to build three blocks of accommodation for 378 students at the Madeira Road car park near the town centre.

A 382-space multi-storey car park for the public will be part of the development.

The company is also building a £9m five-storey block of 64 apartments at Leyton Mount in the town centre, along with a 3,120sqft commercial unit for a cafe or restaurant.

Its Poole office led the bid to secure Morgan Sindall’s appointment to Construction Framework South West, a procurement programme covering a range of public sector projects.

The framework governs a potential £1bn of works covering education, local government, health and community buildings, ranging from £1m to £30m in value.

Morgan Sindall’s recent projects include a £5.8m warehouse and industrial radiographic cell for Heatric in Poole, a £2m refurbishment and extension to Christchurch Library and a £1.5m extension to Heatherlands Primary School in Parkstone.

Graham Shennan, managing director of Morgan Sindall, said: “2013 was a busy year for Morgan Sindall despite challenging market conditions. The hard work of our people, combined with our collaborative relationships with supply chain and joint venture partners, has ensured that we have continued to secure strategically important contracts and framework positions across a wide range of market sectors.

“As a result, we enter 2014 with a strong order book and this, combined with our commitment to safe and sustainable working, delivering a fully integrated offering on complex projects, and a reputation for consistently delivering outstanding service to our customers, positions us well to take advantage of the upturn in our markets.”

The company said its committed order book was at £2.4bn – compared with £2.2bn in 2012 – and its regeneration and development pipeline had grown from £2.5bn to £3bn.

Comments (5)

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10:44am Fri 21 Feb 14

speedy231278 says...

Don't worry, I'm sure their chums at BBC can find some more car parks for them to build over!
Don't worry, I'm sure their chums at BBC can find some more car parks for them to build over! speedy231278
  • Score: 1

11:02am Fri 21 Feb 14

Sir Beachy Head says...

I think the one at the end of Durley road will be next. Saw some surveying types doing a survey this week about how many cars actually use it to park in the daytime.
I think the one at the end of Durley road will be next. Saw some surveying types doing a survey this week about how many cars actually use it to park in the daytime. Sir Beachy Head
  • Score: 4

3:08pm Fri 21 Feb 14

BmthNewshound says...

I'm sure that Morgan Sindall won't have much trouble getting more money out of Beesley Borough Council to help revive their profits.
I'm sure that Morgan Sindall won't have much trouble getting more money out of Beesley Borough Council to help revive their profits. BmthNewshound
  • Score: 4

5:21am Sat 22 Feb 14

Redgolfer says...

speedy231278 wrote:
Don't worry, I'm sure their chums at BBC can find some more car parks for them to build over!
There are none left, hang on lots of open spaces that belong to Charity.
[quote][p][bold]speedy231278[/bold] wrote: Don't worry, I'm sure their chums at BBC can find some more car parks for them to build over![/p][/quote]There are none left, hang on lots of open spaces that belong to Charity. Redgolfer
  • Score: 0

8:42am Sat 22 Feb 14

Phixer says...

Is there a sub-plot to this Ohec non-story? Maybe trying to appease us ahead of a subsidy from taxpayers?

My company's profit has fallen but I won't be going crying to the local rag for a Mr Grumpy photo.
Is there a sub-plot to this Ohec non-story? Maybe trying to appease us ahead of a subsidy from taxpayers? My company's profit has fallen but I won't be going crying to the local rag for a Mr Grumpy photo. Phixer
  • Score: 0

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