Morgan Sindall 1H pre-tax profits rise 39%

08/08/05 - newratings.com

LONDON, August 8 (newratings.com) – UK-based builder Morgan Sindall Plc (MGNS-GBX) Monday reported a 39% increase in its 1H pre-tax profits.

The company announced that its first half pre-tax profits increased to £18.2 million, from £13.1 million posted in the year-ago period. Morgan Sindall’s profitability was driven by a 41% increase in the profits of its commercial property unit and a 36% rise in the profitability of its affordable housing division. The company expects to achieve full year profits of £38.5 million. The company’s net income increased to £12.4 million or 28.95p per share, from £9.1 million or 21p posted one year ago.