Place North West | Morgan Sindall emerges from pandemic year on cash cushion
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...