StockMarketWire.com - Morgan Sindall Group has said it is 'on track to deliver a result which is materially ahead of previous expectations' as it reports only s slight dip in 2020 revenue.

The company's revenue for the full year 2020 fell just 1% to £3 billion in spite of the pressures resulting from the COVID-19 pandemic.

Adjusted pre-tax profit was down 29% to £63.9 million for the period, while net cash stands at £333 million, up from £193 million in 2019.

The company said it has a 'high quality and growing order book' for 2021, with secured workload up 9% to £8.3 billion.

It also announced a final dividend of 40p per share, resulting in a total dividend for the year of 61p following the reinstatement of its dividend in November.

Morgan Sindall saw strong performance in its construction and infrastructure division, driven by Infrastructure where operating profit was up 11% to £35.7million and operating margin was maintained at 2.2%.

Chief executive of Morgan Sindall, John Morgan, said: 'Whilst the year has been dominated by the COVID-19 pandemic, these results reflect the resilience across the Group and the benefits of actions taken in recent years to maintain contract selectivity, further improve payments to our supply chain and maintain a strong cash position at all times.

'Despite the differing challenges each division faced, the Group has continued to make strategic and operational progress. Again, we have an improved cash position and have further strengthened our balance sheet, allowing us to make the right decisions and actions for the long-term benefit of the business. Our strategy remains the same, based on organic growth and operational improvement in markets geared towards future demand for affordable housing, urban regeneration and infrastructure and construction investment.'


At 8:08am: [LON:MGNS] Morgan Sindall Group PLC share price was 0p at 1382p



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