Tight margins hit Morgan Sindall construction

摘要

Morgan Sindall does not expect margins in its construction business to improve until the second half of 2015, after ongoing "difficult" trading conditions saw the business post a dip in revenue and profit over the first half of this year, writes Allister Hayman. In its results for the six months to 30 June 2014, announced this week, Morgan Sindall's construction and infrastructure business posted revenue of £567m, down 4% on £593m over the same period last year. Adjusted operating profit fell 8% to £5.9m, giving an adjusted operating margin of 1% - broadly similar to the 1.1% the firm posted over the same period last year.