Morgan Sindall profit misses target

 
City A.M. Reporter
Construction group Morgan Sindall posted a full-year pretax profit below expectations as the challenging market environment continued to impact its performance.

The company, which recently won part of a large tunnelling contract for the £15bn east-west commuter link Crossrail project, said pretax profit for the year ending 31 December fell nine per cent to£ £40.7m.

Market expectations had ranged between £46 and £48m, with the consensus at £46.9m, according to a Thomson Reuters I/B/E/S poll of 5 analysts.

Morgan Sindall said its order book increased to £3.6bn from £3.2bn last year. The company snapped up the bulk of social housing services group Connaught's troubled assets last year.