StockMarketWire.com - Construction and regeneration group Morgan Sindall posted a 62% slump in first-half profit and scrapped its interim dividend, citing the Covid-19 pandemic.

Pre-tax profit for the six months through June dropped to £13.6m, down from £35.5m on-year, as revenue fell 4% to £1.36bn.

Morgan Sindall said it now had better visibility for the second half and reinstated its full-year guidance,

Pre-tax profit for the year through December was expected to be FY 2020 profit before tax expected in the range of £50m-to-£60m.

The company said it would actively consider the resumption of dividend payments when there was further clarity over the economic outlook and business interruption risks.

'Throughout this challenging period, the group has demonstrated its resilience, with an improved cash position strengthening our balance sheet and providing significant available liquidity,' chief executive John Morgan said.

'This in turn has enabled us to maintain our focus on making the right decisions based upon the best long-term interests of the business.'




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