Against a backdrop of challenging trading conditions Morgan Sindall Group delivered a solid performance in 2012. Profit before tax, amortisation and non-recurring items was £47.1 million (2011: £45.3 million) on revenues of £2,047 million (2011: £2,227 million). Adjusted earnings per share were 79.3p (2011: 86.7p). The dividend for the year is 27.0p per share (2011: 42.0p). The Group’s forward order book currently stands at £3.1 billion (2011: £3.4 billion) with £0.5 billion (2011: £0.3 billion) of projects at preferred bidder stage. The Group also reports a growing regeneration pipeline of £2.1 billion (2011: £1.8 billion) with a further £0.4 billion (2011: £0.6 billion) of regeneration schemes at preferred developer stage.
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Lovell has contributed to these results through the company’s continuing success in working with housing associations and local authorities to build new affordable housing developments and to deliver major housing refurbishment schemes, regeneration programmes and response maintenance services. The company’s order book now stands at £1.3 billion.
"We experienced difficult trading conditions across all of the markets in 2012. Despite this, our open market completions were 15 per cent up on 2011 and we maintained a healthy order book of £1.3 billion securing key projects throughout the year,” says Lovell managing director Stewart Davenport.
"The third quarter of 2012 saw a restructure of the business in order to remain competitive and deploy best practice and resources as efficiently as possible.
"Our strategy remains focused on delivering affordable new homes for our RSL clients and open market customers as well as offering a national planned and responsive maintenance service.
"Despite what we see as another challenging year ahead, we look forward to 2013 and growing our market share across all of our work streams, in particular large scale regeneration and responsive maintenance."
Key projects in Scotland include a £22.5 million responsive maintenance and void repairs contract for Dumfries & Galloway Housing Partnership in Dumfriesand Galloway and a £14 million contract for responsive maintenance and planned repairs to public buildings for East Ayrshire Council in Kilmarnock and surrounding areas.
(GK)
