Feb 15 Britain's Morgan Sindall Group Plc
reported a 15 percent fall in its full-year profit as
government spending cuts hurt its construction and
infrastructure business, which accounts for more than half the
Profit before tax fell to 34.2 million pounds ($52.94
million) in the year ended Dec. 31, 2012 from 40 million pounds
a year earlier.
Revenue declined 8 percent to 2.05 billion pounds.
Revenue from the company's core construction and
infrastructure unit, which designs and builds roads, rails, and
utilities, also fell about 8 percent to 1.17 billion pounds.
"We continue to face challenges including reductions in
public spending, deferred investment decisions and higher levels
of competition," the company said.
The construction company has been reducing its exposure to
the public sector as it copes with government budget cuts.
With the UK on the verge of a triple-dip recession, the
government has so far shied away from increasing public
infrastructure spending outright as it tries to keep the fiscal
deficit in check.
Morgan Sindall cut its final dividend to 15 pence per share
from 30 pence a year ago.
The company's shares, which have dropped 18 percent over the
past year, closed at 576 pence on the London Stock Exchange on