COMPANY NEWS Tunnelling boosts Morgan Sindall results
20 Feb 2013
Morgan Sindall News Release
- Tunnelling activity by Morgan Sindall on Crossrail and the Lee Tunnel CSO control project projects in London and on additional utility tunnel contracts across the UK has contributed solidly to the financial results of the parent company Morgan Sindall Group plc for the year ended 31 December 2012.
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- Against a backdrop of challenging trading conditions, Morgan Sindall, the tunnel construction, infrastructure and design company helped the Group post a profit, before tax, amortisation and non-recurring, of £47.1 million on revenues of £2,047 million for 2012, set against the £45.3 million on £2,227 million revenues for 2011. Adjusted earnings per share were 79.3p, against 86.7p the year before and the declared dividend for the year is 27.0p per share (2011: 42.0p).
- The Group's forward order book currently stands at £3.1 billion (2011: £3.4 billion) with £0.5 billion (2011: £0.3 billion) of projects at preferred bidder stage with a pipeline of projects in the Groups regeneration division showing a growth to £2.1 billion against the £1.8 billion of 2011, with a further £0.4 billion (2011: £0.6 billion) of regeneration schemes at preferred developer stage.
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Lee Tunnel precast segmental lining
- For the tunnelling division, work on the Thames Water Lee Tunnel in East London is worth more than £208 million to Morgan Sindall. The 6.4km long drive is the deepest ever tunnel under London and is set for completion in 2015 when it will help prevent more than 16 million tonne of combined storm water and sewage overflowing into the River Lee each year. Morgan Sindall is delivering the £422 million project as part of the MVB JV with partners VINCI Construction Grands Projets and Bachy Soletanche.
- On Crossrail, Morgan Sindall is part of the BBMV JV with VINCI Construction Grands Projets, Balfour Beatty and ALPINE BeMo Tunnelling on the £235 million, C510 Whitechapel and Liverpool Street Station tunnels contract for the £14.5 billion project. Now two years into the five-year contract, the scope of work covers construction of tunnels and associated works at the Whitechapel and Liverpool Street stations and forms an integral part of the UK's largest infrastructure project as present.
- In November 2012, Yorkshire Water Services awarded the Morgan Sindall Grontmij JV a project of about £22 million to improve the bathing water quality on Bridlington beach in the UK which requires construction of two new combined sewer overflow chambers and an 800m x 2m diameter storm water tunnel. Work is due to be completed in April 2014. The Bridlington project follows award of a similar project in March 2012 for Scarborough beach. Worth about £26 million, the project is part of the AMP5 Yorkshire Water Framework, to which Morgan Sindall and Grontmij were appointed in August 2010. Projects under this framework range in value from £5 million to £50 million and include clean water and waste water projects from feasibility through design and construction to commissioning and handover.
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Tunnelling shield launch for the London cable drive
- The Morgan Sindall Tunnelling division is also continuing its work on a £14 million cable tunnel between Whitechapel and Finsbury Market in London to strengthen the capital city's electricity supplies. The project is Morgan Sindall's first tunnelling contract for customer UK Power Networks. In November, the project's TBM reached a key milestone in construction of the 2.6km tunnel when it successfully reached an underground cable chamber at an electricity substation at about 1.1km along the planned route. The TBM is expected to complete the drive at Finsbury Market in the Spring of 2013.
- "Morgan Sindall has increased market share in a range of key sectors across our construction and infrastructure businesses throughout 2012," said Graham Shennan, Managing Director of Morgan Sindall. "This has been achieved by working collaboratively with our supply chain and joint venture partners to provide the highest levels of service to our customers as well as delivering a fully integrated offering on complex projects. We have maintained a relentless focus on operating both safely and sustainably and implementing effective cost management. This, combined with our strong order book and continued exposure to a broad range of market sectors, positions us effectively for the year ahead."
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