(Alliance News) - Morgan Sindall Group PLC on Thursday boosted its dividend despite profit falling by almost a third in 2020.
The London-based construction company said revenue slipped in 2020 to GBP3.03 billion from GBP3.07 billion reported for 2019. Pretax profit fell by 31% year-on-year to GBP60.8 million.
Despite the worsened results, the company said it will be paying a dividend of 61.0 pence a share for the year, up from 21.0p paid the year before.
"Whilst the year has been dominated by the Covid-19 pandemic, these results reflect the resilience across the group and the benefits of actions taken in recent years to maintain contract selectivity, further improve payments to our supply chain and maintain a strong cash position at all times," said Chief Executive John Morgan.
"The size and quality of our growing secured workload at well over GBP8 billion leaves us well-positioned for the future and we are on track to deliver a result which is materially ahead of our previous expectations and slightly ahead of that delivered in 2019," added Morgan.
Morgan Sindall shares were trading 11% higher in London on Thursday at 1,654.07p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Morgan Sindall Group (MGNS)