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Neil Tague
The property business has reported pre-tax profit of £53.1m, with turnover and net cash also seeing healthy increases in the first six months of 2021.
Morgan Sindall, which includes Muse Developments, fit-out arm Overbury and housing business Lovell Partnerships along with eponymous construction, investment and property services businesses, said that pre-tax profit was up by 286% on the first half of Covid-hit 2020, but also 46% up on H1 2019’s figure.
Sales across the business reached £1.5bn, up 14% year-on-year and 10% on the 2019 figure, while net cash has more than doubled since this time last year, up from £146m to £337m.
A dividend of 30p per share is to be paid.
Etruria Matters Chair Matt Crompton (Image: Submitted)
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A local community group is celebrating after securing £2,500 in lottery funding.
Etruria Matters - which serves Etruria and Shelton - received the cash boost from the National Lottery s Local Connections programme.
Dan Whelan
The construction group increased its cash reserves by £140m during the 12 months ended 31 December 2020, helping it to weather a 30% pre-tax profit drop, according to a stock exchange filing.
Morgan Sindall Group reported a pre-tax profit of £61m for the full-year 2020, down from £89m in 2019 but in line with the company’s November projections.
The group attributed the drop in profits to “additional costs incurred from site closures and implementing new safety processes, lower productivity on sites, and construction delays”.
Despite this, Morgan Sindall bolstered its balance sheet, reporting net cash of £333m at the end of 2020 compared to £193m the previous year, an increase of 72%.
17 Dec 2020, 10:15
In the latest in a series of interviews with the region’s place makers for Christmas, Place North West asks Phil Mayall, development director at Muse Developments, about lockdown ‘bench swimming’ and his love for extreme triathlons.
Why did you choose a career in property/placemaking?
My dad is a plasterer by trade, and I would work for him at weekends and school holidays. That sparked an interest in buildings but certainly not in mixing plaster! Around that time, my parents had agreed a sale of the family home and it was my job to let the surveyor in to value the house. It took him all of 10 minutes and when my parents explained the cost of a valuation I thought ‘that sounds like the career for me’. Fast forward several years and I soon became bored of inspecting houses, but developed an interest in property development.