Morgan Sindall makes record £21m profit

Morgan Sindall has made a record pre-tax profit of £21m and Bluestone, the group's loss-making construction division, has moved out of the red.

The group's latest financial results (12 months to the end of December 2003) show turnover 10% higher at £1.1bn (£1bn) while pre-tax profit climbed 35% from 2002's figure of £16m.

Morgan Sindall was formed 10 years ago by John Morgan and John Lovell. A series of acquisitions have created a major UK group with four business streams: fit-out, construction, infrastructure services and affordable housing.

The group had been firing on three cylinders until it recognised that remedial treatment was needed to resolve construction problems. The result was that the Bluestone brand was created from its six existing regional construction businesses. Turnover in Bluestone has been cut from £400m to £300m. No further trimming back is anticipated.