Repairs and maintenance specialist, Morgan Sindall Property Services, has helped to deliver positive group preliminary results for the year end of 2019.
The construction and regeneration group, Morgan Sindall Group plc delivered strong profit growth in 2019, with adjusted profit before tax up 11 per cent to £90.4 million on revenue of £3,071 million, up 3 per cent.
In addition, the Group’s balance sheet remains strong, with average daily net cash in the year increasing to £109 million and year end net cash of £193 million.
With its secured workload up 14 per cent to £7.6 billion, the Group says it is “well-positioned for future growth and another good year of progress is expected in 2020“.
Alan Hayward, Morgan Sindall Property Services Managing Director, commented: “We have a secured order book in excess of £900 million consisting of long-term contracts – a 25 per cent increase from the previous year – and have a strong pipeline in social housing and from future work with the Ministry of Defence.
“Our three new major contracts with South Essex Homes, St Albans City and District Council and London Borough of Waltham Forest went live in April 2019 and have been successfully mobilised, contributing to a 15 per cent increase in turnover.
“In the period under review the business has also been appointed to two four-year frameworks with the South East Consortium (SEC) the first for its heating and compliancy works and the second for its internal and external building works.
“A contract with One Housing valued at £870,000 was also secured for the delivery of fire safety works to a residential tower block with 145 flats.
“The company was also successful in winning the Best Contract Award with Westminster City Council at the National Housing Maintenance Forum (NHMF) conference in Birmingham.”
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