Morgan Sindall鈥檚 pre-tax profit has dropped 28% for the year ended 31 December 2009, after a decline in its fit-out and affordable housing activities.
The contractor鈥檚 pre-tax profit for the year was 拢44.7m compared to 拢62.3m in 2008.
Turnover fell 13% to 拢2.2bn (2008: 拢2.5bn), while the contractor鈥檚 order booked dropped to 拢3.2bn (2007: 拢2.7bn).
However, Morgan Sindall said it has more than 拢900m of projects, and believes that this, plus the strength of its order book, should offset the weakening of public spending.
Executive chairman John Morgan said:鈥淭hese results reflect a very satisfactory performance in difficult trading conditions.
鈥淲e remain in a strong financial position and are well placed to take advantage of the opportunities which the market will present.
鈥淭he markets in 2010 will be similar to those we experienced in 2009 but we remain confident of making good progress throughout the year.鈥�
Turnover in the fit out division dropped to 拢291m from 拢474m while operating profit reduced to 拢13.8m from 拢25.8m.
Lovell Partnerships, the social housing division, generated an operating profit of 拢14.9m compared to 拢21m last year with turnover down 拢3m to 拢377m.
Construction鈥檚 operating profit rose 37% to 拢13m from 拢9.5m on turnover down to 拢743m from 拢813m.
Infrastructure services also enjoyed a rise in operating profit, up 19% to 拢17.1m from 拢14.4m on turnover of 拢770m, down from 拢799m in 2008.
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