Morgan Sindall has announced a 28% rise in its operating profit to £31.9 million in the first half of 2018.

Publishing it's half year results, the construction and regeneration group reported profit growth in the first half of this year with adjusted operating profit up 28% to £31.9m (HY 2017: £24.9m) on revenue of £1,423m (HY 2017: £1,307m), a 9% increase on the previous half year.

The Group reports an order book of £3,604m with adjusted earnings per share up 28% for the period to 55.6p (HY 2017: 43.6p). The interim dividend has been increased by 19% to 19.0p (HY 2017: 16.0p) with the Group confident of a strong performance for the second half of 2018.

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Morgan Sundall Chief Executive, John Morgan, said: "I am pleased to report another strong set of results, which demonstrate the considerable operational and strategic progress made across the Group.

"Fit Out and Construction & Infrastructure have both continued to deliver margin and profit growth, which has been complemented by a good performance from Urban Regeneration. There remain a significant number of opportunities in regeneration and our strong balance sheet and cash position leave us well-placed to invest further in this key strategic area.

"Based upon its current trading patterns and order book visibility, the second half outlook for Fit Out is very positive and as a result of this, the Group is on track to deliver a result for the year which is slightly ahead of its previous expectations."

(MH)