Overbury a strong contributor to Morgan Sindall Group results
Half year results released for Morgan Sindall Group highlight Overbury as a key contributor to a positive outlook for the remainder of the Group’s financial year.
Construction and regeneration group Morgan Sindall Group plc, which operates through five divisions of construction and infrastructure, affordable housing, fit out, urban regeneration and investments, has announced solid results in line with expectations for the six months to 30 June 2011. The Group’s profit before tax, amortisation of intangible assets and non-recurring items was £19.5 million (2010: £23.1 million) on revenue of £1.09 billion (2010: £982 million). The Group also reports a strong order book of £3.5 billion supplemented by a £1.8 billion pipeline of regeneration schemes. A further £0.8 billion of these schemes are at preferred bidder stage. Adjusted earnings per share for the period were 35.1p (2010: 42.0p). The Board has declared a maintained interim dividend of 12.0p (2010: 12.0p).
Overbury has helped this result with recent contract wins for the business including a £10 million project for a major global derivatives trading company and a £9.5 million scheme for a leading Asian bank, both in London. Overbury has also secured a £2.2 million developer refurbishment project for property developer Stockland in Hammersmith Road, London; a £2 million lecture theatre refurbishment scheme for Manchester University, and a major scheme in Reading for integrated bio and pharmaceutical services company, Quintiles. The company has further been awarded a £9.4 million office fit out for an international energy services company in Warwick.
“We’ve experienced a busy start to 2011 with the business benefiting from increased levels of activity in the fit out market, particularly in areas such as retail banking and office refurbishment, which we expect to see continuing into 2012,” says Chris Booth, Overbury managing director. “Our new technology business, which undertakes data centre and technology-led projects, has also strengthened Overbury’s service offering making us well-positioned for any new fit out opportunities that arise as the market continues its recovery.”
