Morgan Est, one of the UK’s leading providers of infrastructure services across the public and private sector, has contributed to a record set of results released today (19 February) by parent construction and regeneration group Morgan Sindall plc.
The business which provides civil engineering and utilities services to the water, transport and energy sectors, continues to achieve strong growth, supplemented by the acquisition of Amec Design and Project Services.
Morgan Sindall, which operates through five specialist divisions of fit out, construction, infrastructure services, affordable housing and urban regeneration, has today announced another set of record results for the year ended 31 December 2007. Profit before tax and amortisation has increased 30 per cent to £62.1 million (2006: £47.6 million) on revenue of £2.1 billion up 41 per cent from £1.5 billion in 2006. Adjusted earnings per share grew by 34 per cent to 104.5p (2006: 78.2p), with the total dividend increased by 36 per cent to 38p. The Group’s forward order book has reached £4.3 billion up 30 per cent from £3.3 billion in 2006 representing year-on-year organic growth of 12 per cent.
Over the last 12 months, Morgan Est has secured a series of major projects, including a five year £50 million framework agreement with South East Water to carry out mains repairs, maintenance, metering and main laying activities in Sussex and Kent.
Other wins include a £35 million utilities contract to upgrade Frankley Water Treatment Works (WTW), in Frankley, Birmingham for Severn Trent Water, a four year contract with EDF Energy Networks, worth up to £48 million to upgrade overhead power lines across East Anglia and a £38 million project to design, construct and commission a 5km tunnel in south London for Thames Water.
In the roads sector Morgan Est has recently started work on a £330 million joint-venture contract from the Highways Agency to widen the M1 motorway from Junctions 25 to 28. The project, due for completion in 2009, is worth up to £110 million to Morgan Est. The company has also won a £12 million contract to resurface the main runway at Edinburgh Airport for BAA and is delivering a £70 million new network of passenger links at Kings Cross and a £60 million programme of station improvements at Shepherd’s Bush.
Last month Morgan Est strengthened its electrical capability with the acquisition of railway electrification specialist Elec-Track Installations Limited (ETI). The company purchased the Possessions and Isolations division of ETI making Morgan Est the largest single specialist provider of electrical isolations in the UK.
Mark Cutler, managing director for Morgan Est, says: “Morgan Est has started the year with a strong order book and over 90 per cent of new work already secured for 2008. Prospects for the year ahead are good for the business, with customers increasing their spending programmes in our core market sectors of water, transport and energy. We are also well-positioned to benefit from major infrastructure programmes such as Crossrail and Thameslink.”
Ends
Photo: Mark Cutler, managing director, Morgan Est.
Editor’s note: Morgan Est is a leading UK provider of infrastructure services across the public and private sector. The business which specialises in the design and delivery of complex engineering projects, provides specialist tunnelling, civil engineering and mechanical and electrical services to the defence, water, utilities, transport and rail sectors. It is part of top five UK construction and regeneration group Morgan Sindall plc which operates through five specialist divisions of fit out, construction, infrastructure services, affordable housing and urban regeneration.
Media contacts: Liz Coyle-Camp / Lyndsay Scanlan, E=MC2 Public Relations 01747 871 752 or lyndsay@emc2publicrelations.com
