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Leading infrastructure services specialist Morgan Est has contributed to a robust set of preliminary results for the year ended 31 December 2009, released by parent construction and regeneration group Morgan Sindall plc.
Against a backdrop of challenging trading conditions Morgan Sindall delivered a robust performance in 2009. Profit before tax and amortisation was £51.5 million (2008: £71.4 million) on revenue of £2,214 million (2008: £2,548). Adjusted earnings per share was 93.9p (2008:127.8p), with no change to the total dividend which remains at 42.0p (2008: 42.0p). The Group’s forward order book currently stands at £3.2 billion (2008: £3.7 billion), and it starts 2010 with a £0.9 billion pipeline of projects at preferred bidder stage. The Group had no work at preferred bidder stage this time last year.
Since August 2009, Morgan Est has secured a number of contract wins in the energy, water and transport sectors. Working alongside partners VINCI Construction Grands Projets and Bachy Soletanche as part of joint venture company MVB, Morgan Est has been chosen to deliver the Lee Tunnel for Thames Water in east London which is worth more than £400 million.
A consortium featuring Morgan Est has also been chosen for an £80 million framework contract by Yorkshire Water covering the next five-year Asset Management Period (AMP). Working alongside leading sustainable design and management consultancy Grontmij, Morgan Est will carry out improvements to clean and waste water treatment works including civil, process, mechanical and electrical engineering works, from investigation and feasibility to commissioning and handover.
Mark Cutler, managing director for Morgan Est, commented:
“After a record year for the business, we’ve made a strong start to 2010 with the award of the Lee Tunnel project and our most recent appointment last week to the Highways Agency’s £2 billion managed motorways framework with joint venture partner BAM Nuttall.”
“Looking ahead, we would like to do more work with joint venture partners this year and grow our market share in developing sectors such as water, transport and energy where we expect the Government’s plans to create a low carbon economy will generate significant investment in new power stations, waste and renewable projects.”
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