Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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A final dividend of 15p has been proposed, down from 30p the year before, giving a total dividend of 27p per share from 42p in 2011.
The group's forward order book fell to £3.1bn from £3.4bn a year earlier with projects at preferred bidder of £0.5bn compared to £0.3bn in 2011. Average net debt balance was £40m versus net funds of £23m in 2011, as expected. "This reflects an increase in working capital deployed across the group and reduction of construction-related revenue," the group explained. "Our exposure to infrastructure continues to grow, and we see further opportunity to leverage our strong track record and gain market share. The momentum in our regeneration pipeline reinforces our confidence that returns from our investment will start to increase over the medium term and deliver superior returns," Morgan added. The group said margins were stable due as it kept an eye on costs. Its disposal of mature investments released £26m of capital to be used in major housing and urban regeneration schemes, it said.
Construction and regeneration group Morgan Sindall reported a decline in pre-tax profit, in line with expectations, and slashed its dividend as it continues to battle against difficult markets and economy. Pre-tax profit fell 15% to £34.2m for the year ended December 31st 2012 while revenue for the year dropped 8% to £2.047bn. Adjusted earnings per share slipped to 79.3p compared to 86.7p in 2011 and year-end net cash fell to £50m from £109m before. Morgan Sindall said it was a solid performance in tough markets. CEO John Morgan commented: "2012 has seen a solid performance in what has been a very tough market. The newly structured board is focused on managing the business tightly to ensure we emerge from the downturn in a strong position to take advantage of the opportunities we believe lie ahead."
Alongside a disapointing preliminary annual update, debt increased, profits reduced, MGNS have halved the final dividend from 30p to just 15p. Panmure Gordon cuts target price from 640p to 450p and downgrades to sell. I fear this could drop lower, but if it gets as low as 450p I will be buying more.
Aittch -- You got the first part of your prediction right, The shares have climbed back to 600p. Not bad since at one point in late November, they dropped as low as 500p. I fear a market correction might delay them getting back to the 650 - 700p range, though. Still I'll take the dividends and wait.
Some small mutterings in Autumn statement, including relaxation of taxation on empty homes and capital investment could be helpful for construction industry, particularly in the area of affordable housing and expansion of small businesses. IMHO, based on previous performance, the SP will slowly lift to 550p then hover for a couple weeks and slowly climb to 600p. From there, it could be quite a quick move up to 650p-700p, making this a great growth and income investment. Previous performance is not a guarantee of future performance. as always DYOR before buying/selling a stock and GLA
Some good positive day yesterday. Here's hoping for the same again.
524 to sell. Market seems to like the good news over the last 2 days.
The company has paid a constant divi of 42p for the last 4 years. Assuming the divi this year is unchanged; then at the current SP of 516p that represents 8.14% per anum tax paid. Somewhat better than you will get form banks or building society's on the high street! I believe that these shares have been over sold, but in this risk adverse climate, there is no guarantee that will not fall further. Anyone who manages to buy in at, or near the bottom, should see a good capital growth and receive a hansome divi paymeny. DYOR GLA
We must be looking at a yield of close to 10% on this investment at current SP. Could this be a good one for the longer term as it can be held in a SIPP or ISA? Drop in price seems exaggerated in comparison to miss on forecast profit target. as usual, DYOR and GLA
At Chemring (CHG) two directors topped up with over £110k of shares each last week, and apart from a very short rally the SP has continued to fall. The £11k director buy at MGNS is I am affraid peanuts, and the SP has fallen around 12p since. However, for what it's worth I topped up with another 2000 at 552p yesterday. This stock provides a very good divi income. And as long as they do not cut it, and no more bad news emerges, this stock should recover. IMHO
Always nice to see.
Morgan Sindall Group (MGNS) Director name: Mr Patrick De Smedt Amount purchased: 2,000 @ 556.00p Value: £11,120
Nice to see plenty of buys and an upward movement when the rest of the market not so good. Could we now be starting the slow lift off the bottom towards Jefferies' 840p target? Could be a good time to top up IMHO. Strong buy - up to 625p IMHO Weak buy - up to 675p IMHO GLA and DYOR (shares can go down as well as up)
However, these organisational changes will have a one-off impact this year, estimated at £10m (including £3.5m of property related provisions). The company describes this as part of an on-going process that will have delivered £55m of annualised savings over the three-year period to the end of 2012. One bright spot was that there appears to be good visibility of earnings with the forward order book currently standing at £3.0bn with a further £0.7bn of projects at preferred bidder stage (compared with £3.4bn order book and £0.3bn of projects at preferred bidder stage at the start of 2012). In addition, in line with the company's strategy to increase its focus on regeneration, the regeneration pipeline has strengthened significantly to £2.1bn with a further £1.1bn of major schemes at preferred bidder stage (compared with a £1.8bn pipeline and £0.6bn of schemes at preferred developer stage at the start of 2012).
Morgan Sindall's Chief Executive, Paul Smith, has resigned following a profits warning. Stepping into the breach, Executive Chairman, John Morgan, has been appointed Chief Executive. In a trading update the construction company warned that: "Our underlying trading for the current year is expected to be slightly below the board's previous expectations although the group will benefit from the £7m gain made on the sale of our medical property investments this year. This gain will in part offset the £10m restructuring charge that will be incurred this year." Consensus expectations for the full year ending December 31st had been for pre-tax profits of £42.30m on turnover of £2.09bn. The company spoke of further market deterioration in the UK construction industry since it announced its interims. It blamed on further reductions in public spending, deferred investment decisions and high levels of competition. In response the Morgan Sindall is cutting costs, re-organising its network of offices delivering construction and its affordable housing business
Morgan Sindall: Jefferies keeps buy rating and 840p target.
Outlook Overall we continue to target major project and framework opportunities across the Group's market sectors. Our future visibility remains steady with the forward order book currently standing at £3.0bn with a further £0.7bn of projects at preferred bidder stage (compared with £3.4bn order book and £0.3bn of projects at preferred bidder stage at the start of 2012). In addition, in line with our strategy to increase our focus on regeneration, the regeneration pipeline has strengthened significantly to £2.1bn with a further £1.1bn of major schemes at preferred bidder stage (compared with a £1.8bn pipeline and £0.6bn of schemes at preferred developer stage at the start of 2012). Average net debt for the year to date was, as expected, consistent with that achieved for the first half of the year. In summary, our underlying trading for the current year is expected to be slightly below the Board's previous expectations although the Group will benefit from the £7m gain made on the sale of our medical property investments this year. This gain will in part offset the £10m restructuring charge that will be incurred this year. Whilst we are cautious over the outlook for the Group in 2013, the medium-term prospects for the Group are improving with our increasing emphasis on regeneration, infrastructure and major long-term frameworks.
INTERIM MANAGEMENT STATEMENT Morgan Sindall Group plc ('Morgan Sindall' or the 'Group'), the construction and regeneration group, today announces its Interim Management Statement covering the period 1 July 2012 to 5 November 2012. Economic conditions have remained difficult during the period, and the UK construction market continues to face challenges including further reductions in public spending, deferred investment decisions and high levels of competition. Against this backdrop, the Board expects underlying trading for this year to be slightly below previous expectations before taking into account a £7m gain from the sale of the Group's medical property interests in July. In response to market conditions, the Group continues to be highly selective when bidding for new work and we have taken further steps to reorganise and streamline the Group. In particular we have re-organised our network of offices delivering construction and our affordable housing business, to ensure we balance the right level of resources to current workload. These organisational changes will have a one-off impact this year, estimated at £10m (including £3.5m of property related provisions). This is part of an on-going process that will have delivered £55m of annualised savings over the three-year period to the end of 2012. Since the half year we have experienced further market deterioration, which has impacted the short-term outlook for the Group into 2013. However the Group's confidence in the medium-term outlook from 2014 onwards has increased through its success in securing a number of longer-term opportunities in growing sectors of the market.
BROKERS REMAIN BULLISH ON MORGAN SINDALL 07 August 2012 JP Morgan Cazenove reiterates its Overweight rating for construction and infrastructure company, Morgan Sindall Group. 30 August 2012 Jefferies International initiates its coverage of Morgan Sindall with a BUY recommendation and sets a target price of 840p. 11 September 2012 Numis upgrades Morgan Sindall from an ADD to a BUY rating but maintains its target price of 800p. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2
Morgan Sindall, the construction firm behind the regeneration of Salford, gets some kind(ish) words in the Times with Tempus impressed at rising pre-tax profits in the first half. Trading at 8.8 times earnings with a yield of 6.2% the group gets a cautious buy recommendation but “only for the long-term prospects”.
In the Times, Tempus points out the long term strategy of construction firm Morgan Sindall. It is using earnings from core construction work to invest in regeneration projects, like town centres. It may well pay off, thinks Tempus, highlighting the 6% yield, but in the near term profits will be hard to come by: “a long term play” is the conclusion.
Paul Smith, Chief Executive of Morgan Sindall Group plc, said: "The award of the contract for this pioneering new energy scheme builds on Morgan Sindall's long-standing relationship with Yorkshire Water and Grontmij, which has been developed over the last two asset management periods. It further reinforces the Group's position as one of the country's leading water, energy and infrastructure specialists."
Morgan Sindall Group JV awarded £28 million new energy scheme for Yorkshire Water Morgan Sindall Group plc, the construction and regeneration group, today announces that a joint venture between its construction and infrastructure division, Morgan Sindall, and Grontmij, a leading sustainable design and management consultancy, has been awarded a £28 million contract by Yorkshire Water for the design and build of a pioneering new energy scheme. The contract, which is worth £25 million to Morgan Sindall, is part of Yorkshire Water's AMP5 Large Projects framework, to which the Morgan Sindall Grontmij joint venture was appointed in September 2010. The project will be constructed this year and commissioned in early 2013. The innovative new energy scheme is designed to save millions of pounds in electricity consumption and expenditure. The project will turn waste into a bio-gas, which is then burned to produce electricity.It will be located at the 750-acre Esholt Waste Water Treatment Works, which is one of Yorkshire Water's largest plants, processing the wastewater for over 750,000 people in Bradford and north Leeds.