August 6, 2012 / 6:51 AM / 5 years ago

Morgan Sindall profit rises; warns of short-term challenges

Aug 6 (Reuters) - British construction group Morgan Sindall’s first-half profit rose 13 percent, but the company said the market would remain challenging in the short term due to a delayed economic recovery.

Profit before tax rose to 18.8 million pounds ($29.33 million) for January-June from 16.7 million pounds a year earlier.

Revenue, however, fell 8 percent to 1 billion pounds on weaker construction and infrastructure revenue.

Morgan Sindall said it has a forward order book of 3.2 billion pounds, down from the 3.5 billion pounds it had a year earlier.

“The business environment remains challenging as the continuing uncertainties in the euro zone and further afield affect global sentiment, which in turn are impacting public spending and private sector confidence in the UK market,” the company said in a statement.

Shares of the company closed at 685 pence per share on Friday on the London Stock Exchange.

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