Housing could be most profitable, says Morgan

摘要

While construction margins at Morgan Sindall head for a giddy 3%, its fit-out arm continues to be the biggest provider of profit at the business, write Dave Rogers and Hamish Champ. Last year, it posted an operating profit of £36.9m - a 16% fall on 2018's figure, which chief executive John Morgan described as "our best year in fit-out by a country mile" - on turnover flat at £839m. The division has worked on several high-prof ile jobs recently including the fit-out of the BBC Cymru Wales headquarters in Cardiff and a flagship store for Microsoft on London's Oxford Street. Morgan expects profit to be around the £35m mark over the next few years - making it the firm's most profitable arm - but he is wondering for how much longer.