2007interim report
Morgan Sindall, the construction and regeneration group, employs over8,000 people. The Group now operates through five divisions; AffordableHousing, Construction, Development, Fit Out and Infrastructure Services.The strength of the Group is derived from this balance of activity and theability to provide integrated solutions across these five areas.
Affordable HousingLovell is Britain’s leading provider of affordable housing. The divisionspecialises in mixed tenure developments, urban regeneration andlarge-scale housing refurbishment schemes, working in partnershipwith housing associations and local authorities.
ConstructionMorgan Ashurst is a leading construction business with activitiesranging from small works and maintenance services to large-scalecomplex projects. It operates across the UK with expertise in theeducation, defence, healthcare, industrial, commercial andretail sectors.
DevelopmentMuse Developments is a UK-wide urban regeneration companywhich specialises in delivering complex mixed use schemes,predominantly in town and city centre locations. Muse Developmentshas a portfolio of around 30 projects, delivered independently orthrough strategic partnerships with both public and privatesector landowners.
Fit OutFit Out operates through four businesses. Overbury is the leadingoffice fit out and refurbishment specialist and Morgan Lovellprovides an office transformation service. Vivid Interiors refurbishesand fits out retail, leisure and entertainment facilities. BackboneFurniture supplies and installs commercial office furniture.
Infrastructure ServicesMorgan Est is a leading UK provider of infrastructure servicesacross the public and private sector. The business specialisesin design and delivery of complex civil engineering projectsand utilities services to the defence, water, gas, electricityand transport sectors.
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Morgan Sindall Interim Report 2007
ContentsFinancial highlights 02
Chairman and chief executive’s statement 03
Consolidated income statement 07
Consolidated balance sheet 08
Consolidated cash flow statement 09
Consolidated statement of recognised income and expense 10
Consolidated statement of changes in equity 11
Notes to the interim report 12
0605 07
28.025.00
Dividend declared(p)
0605 07
47.641.7
Profit before tax(£m)
18.2 21.325.2
2
Financial highlights% increase
Revenue 836 674 24%
Operating profit 23.7 21.0 13%
Profit before tax 25.2 21.3 18%
Earnings per share 41.1p 35.4p 16%
Interim dividend per share 10.0p 8.0p 25%
Six months to30 June 2007
£m
Six months to30 June 2006
£m
0605 07
1,4971,297
Revenue(£m)
615 674836
The results for the half years ended 30 June2007 and 2006 and the balance sheets as atthose dates have not been audited and do notconstitute statutory accounts. The financialinformation for the year ended 31 December2006 does not constitute statutory accountsas defined in section 240 of the CompaniesAct 1985. A copy of the statutory accounts forthat year has been delivered to the Registrarof Companies. The auditor’s report on thoseaccounts was not qualified and did notcontain statements under section 237(2)or (3) of the Companies Act 1985.
8.0010.0
7.00
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Morgan Sindall Interim Report 2007
The increased performance was drivenby improvements in profitability across alldivisions. Fit Out grew its revenue andprofit, reflecting the continued strengthof the commercial property market.The Construction division saw an increasein revenue and profit against a backdrop ofbuoyant market conditions. The expandingcivil engineering market enabled InfrastructureServices to grow its revenue strongly and toimprove its overall level of profitability.Finally, Affordable Housing again increasedits profit margin over the same period in theprevious year through its continued focus onmixed tenure developments.
Net cash at 30 June 2007 was £62m (2006:£20m) with the average level of cash duringthe six months to the end of June improvingon the same period last year.
Fit OutFit Out produced a strong performance duringthe first half of 2007 with profit increasing by21% to £12.4m (2006: £10.2m) on revenue of£225m (2006: £182m). The office fit out marketremains very healthy, particularly in thefinancial and professional services sectors.Margins were at 5.5% (2006: 5.6%). The orderbook increased from the start of the year tostand at £206m (2006: £165m), which supportsour view that the current strength of themarket will continue into next year.
ConstructionConstruction’s revenue grew in the first halfof 2007 to £199m (2006: £162m) with profitrising to £2.2m (2006: £1.6m). Since theperiod end, the division was successful insecuring two projects under the Bury,Tameside and Glossop NHS LIFT schemebringing the division’s interests in the NHSLIFT programme to a total of five schemes.In addition the division achieved financialclose on the Dorset Emergency Servicesand Police Initiative (‘DESPI’) PFI, whichenhances the division’s presence in theemergency services sector.
Chairmanand chiefexecutive’s statement
Divisional reviews
We are pleased to announce record results for the six months to 30 June 2007. Profit before taxhas been increased by 18% to £25.2m (2006: £21.3m) from revenue of £836m (2006: £674m).Earnings per share grew by 16% to 41.1p (2006: 35.4p). At the end of July the Group completedthe acquisition of two businesses from Amec plc; Amec Developments (‘ADL’) and Amec Designand Project Services (‘DPS’). Accordingly, to reflect the increased prospects of the Group, theinterim dividend has been increased by 25% to 10.0p (2006: 8.0p).
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The order book at the end of June, whichhas been adjusted to include £398m relatingto DPS’ construction activities, was £891m(2006: £487m). It has further increased since30 June 2007 by £65m through the twoschemes referred to previously.
Infrastructure ServicesInfrastructure Services also deliveredimpressive revenue growth of 54% to£220m (2006: £143m) with profit beingincreased to £4.0m (2006: £2.7m).Following its success in winning neworders last year, the division continued tosecure key projects in the first half of 2007such as the £38m ring main project forThames Water. The forward order book atthe end of June, which has been adjustedto include £187m relating to DPS’ civilengineering activities, was £1.5bn (2006:£1.3bn). As projects mature, we expect theperformance of this division to continue itsimprovement, with the division returning toprevious margin levels during 2008.
Affordable HousingAffordable Housing increased its profit by13% to £11.5m (2006: £10.2m) on revenueof £192m (2006: £186m). The margin hasimproved compared to the same period lastyear, due to the continued focus on mixedtenure opportunities. Notably the divisionsecured its first social housing PFI in Marchat Miles Platting in Manchester. The projectwill be worth £200m to Lovell over the next12 years from the refurbishment of 1,600existing social houses as well as the buildingof 1,200 new homes for open market sale.The forward order book was £1.5bn at theend of June (2006: £1.3bn), demonstratingthe division’s excellent long-term prospects.
DevelopmentsThis newly created division, trading as MuseDevelopments, follows the acquisition of ADLand focuses on mixed use regeneration.The business has interests in over 30schemes and has a development pipelineof £3.7bn in its own schemes and those withits partners. We anticipate that mixed usedevelopment will play an increasinglyimportant role in urban regeneration.
On the 27 July 2007, the Group completedthe acquisition of two businesses from Amecplc: ADL, a mixed use urban regenerationbusiness, and the assets and certaincontracts relating to DPS, a nationwideconstruction and engineering business.
ADL (now renamed Muse Developments) is amixed use urban regeneration business whichhas a prominent position in securing anddelivering flagship schemes across the UK.It develops partnerships in longer term, largedevelopment schemes which are multi phasedand typically have durations of between 5 and15 years. Muse Developments is involved inmore than 30 mixed use development projectswith a total build in excess of 20 millionsquare feet. Fifteen of these projects arecurrently under construction such as the£80m St Paul’s Square project in Liverpool.
DPS is a construction and civil engineeringbusiness that was formed in January 2006from the integration of Amec Design andManagement and Amec Construction Servicesto combine pre-construction design andproject management skills with the delivery ofthe construction projects. A new managementteam was appointed at that time. DPSoperates nationwide from 5 key locations
across the UK, employs approximately 2,800people and specialises in medium to largesize contracts. Its main markets are in theeducation, health, defence, retail, industrial,transport and nuclear sectors.
The rationale for the acquisition is to create aleading UK-wide urban regeneration business,to significantly enhance our constructionoffering, and to develop InfrastructureServices’ market leading position. In addition,the acquisition helps the Group to significantlyincrease its scale and capability at a timewhen clients are seeking larger and moresophisticated businesses to meet their needs.
Muse Developments will operate as astandalone division but will seek jointopportunities with Affordable Housing’surban regeneration activities. DPS’ currentoperations will be integrated with MorganSindall’s existing Construction division(Bluestone) and Infrastructure Servicesdivision (Morgan Est). The integratedConstruction division has been rebrandedMorgan Ashurst.
The provisional consideration paid was£34m, including an amount of £5m for thebenefit of a restrictive covenant relating to
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Morgan Sindall Interim Report 2007
Acquisition
Muse Developments. The Group is assumingnet liabilities of £21m giving goodwill of£50m, subject to the final agreement of theacquisition balance sheet. The provisionalnet cash outflow was £14m as the netliabilities noted above include cash balancesof £20m. Consequently the proforma Groupcash balance reflecting the acquisition atJune would have been £48m.
As previously announced the acquisition isexpected to enhance earnings in MorganSindall’s current financial year and materiallyenhance earnings in the next financial year.
The Group’s overall forward order book nowstands at £4.1bn (2006: £3.4bn), includingthe impact of the acquisition which added£585m in future workload. Excluding theacquisition this represents a 7% increasefrom the start of the year. The outlook forthe Group is very encouraging, with all ofMorgan Sindall’s chosen markets growing.In addition, the acquisition significantlystrengthens the Group’s constructioncapabilities and adds an exciting newdimension to our skills in the regenerationsector. It has provided new opportunitiesand further enhances the positive outlookfor the Group.
John Morgan Paul SmithExecutive Chairman Chief Executive
6 August 2007
6
The acquisition significantly strengthens the Group’s constructioncapabilities and adds an exciting new dimension to our skills in theregeneration sector.
Outlook
Consolidatedincom
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Morgan Sindall Interim Report 2007
Unaudited Unaudited AuditedSix months to Six months to Year to30 June 2007 30 June 2006 31 December 2006
£’000s £’000s £’000s
Continuing operations
Revenue (note 2) 836,062 673,506 1,496,844
Cost of sales (744,113) (595,371) (1,331,423)
Gross profit 91,949 78,135 165,421
Administrative expenses (67,846) (57,011) (118,401)
Share of results of joint ventures (433) (118) (796)
Operating profit 23,670 21,006 46,224
Investment revenues 3,040 1,317 3,807
Finance costs (1,555) (1,048) (2,421)
Profit before tax 25,155 21,275 47,610
Tax (note 3) (7,879) (6,382) (14,797)
Profit for the period from continuingoperations attributable to equityholders of the parent company 17,276 14,893 32,813
Earnings per share
From continuing operations
Basic (note 5) 41.1p 35.4p 78.2p
Diluted (note 5) 40.1p 34.2p 76.3p
There are no discontinued activities in either the current or prior period.
Consolidatedbalance
sheetat30
June2007
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Unaudited Unaudited Audited30 June 2007 30 June 2006 31 December 2006
£’000s £’000s £’000s
Fixed assets
Goodwill 72,705 72,204 72,705
Property, plant and equipment 18,770 16,009 16,623
Interest in joint ventures 10,790 4,060 5,200
Investments 103 103 103
Deferred tax 3,593 3,211 3,584
105,961 95,587 98,215
Current assets
Inventories 92,532 101,525 86,805
Trade and other receivables 360,862 290,877 280,945
Cash and cash equivalents 62,368 20,460 95,433
515,762 412,862 463,183
Total assets 621,723 508,449 561,398
Current liabilities
Trade and other payables (453,572) (371,211) (406,795)
Current tax liabilities (6,631) (6,084) (6,403)
Obligations under finance leases (1,500) (754) (1,314)
(461,703) (378,049) (414,512)
Net current assets 54,059 34,813 48,671
Non current liabilities
Retirement benefit obligation (note 6) (2,813) (2,977) (2,534)
Obligations under finance leases (3,142) (1,682) (2,457)
(5,955) (4,659) (4,991)
Total liabilities (467,658) (382,708) (419,503)
Net assets 154,065 125,741 141,895
Equity
Share capital 2,130 2,118 2,126
Share premium account 26,177 26,132 26,169
Capital redemption reserve 623 623 623
Own shares (4,665) (1,775) (3,387)
Hedging reserve 2,874 (1,901) (795)
Retained earnings 126,926 100,544 117,159
Total equity 154,065 125,741 141,895
Consolidatedcash
flowstatem
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Morgan Sindall Interim Report 2007
Unaudited Unaudited AuditedSix months to Six months to Year to30 June 2007 30 June 2006 31 December 2006
£’000s £’000s £’000s
Net cash from operating activities(note 7) (19,357) (31,861) 47,909
Investing activities
Interest received 2,927 1,229 3,775
Dividends received from joint ventures - 7,225 7,225
Proceeds on disposal of property,plant and equipment 136 202 1,112
Purchases of property,plant and equipment (3,629) (1,866) (3,216)
Payments to acquire interest injoint ventures (2,353) (185) (896)
Acquisition of subsidiary - (18,223) (23,035)
Net cash acquired on acquisitionof subsidiary - - 4,809
Net cash used in investing activities (2,919) (11,618) (10,226)
Financing activities
Payments to acquire own shares (1,278) - (1,612)
Dividends paid (8,398) (7,549) (10,914)
Repayments of obligations underfinance leases (1,125) (530) (1,787)
Repayment of loan notes - (120) (120)
Proceeds on issue of share capital 12 120 165
Net cash used in financing activities (10,789) (8,079) (14,268)
Net (decrease)/increase in cashand cash equivalents (33,065) (51,558) 23,415
Cash and cash equivalentsat beginning of period 95,433 72,018 72,018
Cash and cash equivalents at endof period
Bank balances and cash 62,368 20,460 95,433
Consolidatedstatem
entofrecognisedincom
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Unaudited Unaudited AuditedSix months to Six months to Year to30 June 2007 30 June 2006 31 December 2006
£’000s £’000s £’000s
Recognition of share based payments 1,153 411 959
Tax on share based payments - 703 2,004
Actuarial (losses)/gains on definedbenefit pension scheme (279) 319 700
Deferred tax on defined benefitliabilities taken directly to equity 29 (112) (282)
Movement on hedged items on cashflow hedges 3,669 337 1,443
Change in deferred tax rate on itemstaken directly to reserves (14) - -
Net income recognised directly in equity 4,558 1,658 4,824
Profit for the period fromcontinuing operations 17,276 14,893 32,813
Total recognised income and expensefor the period attributable toequity shareholders 21,834 16,551 37,637
Consolidatedstatem
entofchangesin
equityforthe
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Morgan Sindall Interim Report 2007
Unaudited Unaudited AuditedSix months to Six months to Year to30 June 2007 30 June 2006 31 December 2006
£’000s £’000s £’000s
Balance at start of period 141,895 116,619 116,619
Profit for the period 17,276 14,893 32,813
Recognition of share based payments 1,153 411 959
Tax on share based payments - 703 2,004
Dividend declared and paid - - (3,365)
Prior year final dividend paid (8,398) (7,549) (7,549)
Actuarial (losses)/gains on definedbenefit pension scheme (279) 319 700
Deferred tax on defined benefitliabilities taken directly to equity 29 (112) (282)
Own shares purchased (1,278) - (1,612)
Options exercised 12 120 165
Movement on hedged items on cashflow hedges 3,669 337 1,443
Change in deferred tax rate on itemstaken direct to reserves (14) - -
Balance at end of period 154,065 125,741 141,895
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1 Principal accounting policiesBasis of accounting
This set of financial statements has been prepared using accounting policies consistent withInternational Financial Reporting Standards (‘IFRS’).
The same accounting policies and methods of computation are followed in the interim financialstatements as in the 31 December 2006 report and accounts with the exception that IFRS 7 andIFRIC 9 and 10 have been adopted where applicable to the Group.
At the date of authorisation of these financial statements IFRS 8 and IFRIC 11 and 12, which havenot been applied in these financial statements, were in issue but not yet effective. The directorsanticipate that the adoption of these standards and interpretations in future years will have nomaterial impact on the financial statements of the Group.
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Morgan Sindall Interim Report 2007
2 Analysis of revenue and profit from business segments
Unaudited UnauditedSix months to 30 June 2007 Six months to 30 June 2006
Operating OperatingRevenue profit/(loss) Revenue profit/(loss)£’000s £’000s £’000s £’000s
Fit Out 225,055 12,356 182,159 10,210
Construction 198,962 2,201 161,677 1,550
Infrastructure Services 220,453 3,995 143,127 2,692
Affordable Housing 191,592 11,541 186,467 10,189
Group activities - (5,990) 76 (3,517)
836,062 24,103 673,506 21,124
Share of results of joint ventures (433) (118)
Operating profit 23,670 21,006
Investment income 3,040 1,317
Finance costs (1,555) (1,048)
Profit before tax 25,155 21,275
Tax (7,879) (6,382)
Profit for the period fromcontinuing operations 17,276 14,893
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3 TaxUnaudited
Six months to 30 June
2007 2006£’000s £’000s
Current tax:
UK corporation tax 7,798 6,517
7,798 6,517
Deferred tax:
Current year 81 (135)
7,879 6,382
Corporation tax for the interim period is charged at 31% (2006: 30%), being the estimated effectivecorporation tax rate for the full financial year.
4 DividendsUnaudited
Six months to 30 June
2007 2006£’000s £’000s
Final dividend for the year to 31 December 2006of 20.0p (2005: 18.0p) per share 8,398 7,549
Proposed interim dividend for the period to30 June 2007 of 10.0p (2006: 8.0p) per share 4,261 3,389
The interim dividend was approved by the Board on 2 August 2007 and has not been included asa liability at 30 June 2007.
The interim dividend of 10.0p (2006: 8.0p) per share will be paid on 14 September 2007 toshareholders on the register at 17 August 2007. The ex-dividend date will be 15 August 2007.
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Morgan Sindall Interim Report 2007
5 Earnings per shareThere are no discontinued operations in either the current or prior period.
The calculation of the basic and diluted earnings per share is based on the following data:
UnauditedSix months to 30 June
2007 2006£’000s £’000s
Earnings
Earnings for the purposes of basic and dilutive earnings pre sharebeing net profit attributable to equity holders of the parent company 17,276 14,893
UnauditedSix months to 30 June
2007 2006’000s ’000s
Number of shares
Weighted average number of ordinary shares for the purposesof basic earnings per share 42,003 42,042
Effect of dilutive potential ordinary shares:
Share options 867 1,145
LTIP shares - 265
Executive Remuneration Plan 179 57
Weighted average number of ordinary shares for the purposesof dilutive earnings per share 43,049 43,509
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6 Retirement benefit schemesThe Group has a pension plan which operates mainly on defined contribution principles. However,there is a small section of defined benefit liabilities full details of which are disclosed in theGroup’s annual report and accounts. For the purposes of understanding these interim financialstatements, details of the approximate valuation of the scheme at 30 June 2007 are given below.
The defined benefit obligation as at 30 June 2007 is estimated by updating the valuation ofliabilities included in the annual report and accounts for the year ended 31 December 2006.There have not been any significant fluctuations for one-time events since the 31 December2006 that would have a material impact on the calculations.
The defined benefit plan assets have been updated to reflect their market value as at 30 June2007. Differences between the expected return on assets and the actual return on assets havebeen recognised as an actuarial loss in the consolidated statement of recognised income andexpense in accordance with the Group’s accounting policy.
AuditedUnaudited Year to
Six months to 30 June 31 December
2007 2006 2006£’000s £’000s £’000s
Fair value of the scheme assets 4,484 4,391 4,829
Present value of of scheme liabilities (7,297) (7,368) (7,363)
Deficit in the scheme (2,813) (2,977) (2,534)
Related deferred taxation at 28.0% (2006: 30.0%) 788 893 759
Net pension liability (2,025) (2,084) (1,775)
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Morgan Sindall Interim Report 2007
7 Reconciliation of operating profit to net cash from operating activities
Unaudited AuditedSix months to Year to30 June 31 December
2007 2006 2006£’000s £’000s £’000s
Operating profit 23,670 21,006 46,224
Adjusted for:
Share of results of joint venture 433 118 796
Depreciation of property, plant and equipment 2,793 2,296 4,904
Expense in respect of share options 1,153 411 959
Defined benefit pension payment (120) (120) (240)
Defined benefit pension charge 64 65 123
Loss/(gain) on disposal of property,plant and equipment 437 (4) (121)
Operating cash flows before movements inworking capital 28,430 23,772 52,645
(Increase)/decrease in inventories (5,727) (13,954) 766
(Increase)/decrease in receivables (79,823) (45,704) (35,761)
Increase in payables 46,755 11,446 46,461
Cash (absorbed by)/generated from operations (10,365) (24,440) 64,111
Income taxes paid (7,570) (6,533) (13,937)
Interest paid (1,422) (888) (2,265)
Net cash from operating activities (19,357) (31,861) 47,909
Additions to property, plant and equipment during the year amounting to £1.4 million werefinanced by new finance leases.
Cash and cash equivalents (which are presented as a single class of assets on the face of thebalance sheet) comprise cash at bank and other short-term highly liquid investments with amaturity of three months or less.
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8 Related party transactionsTransactions between the Company and its subsidiaries, which are related parties, have beeneliminated on consolidation and are not disclosed in this note. Transactions between the Groupand its joint ventures are disclosed below.
Trading transactions
During the period, Group companies entered into transactions with related parties. Transactionsand amounts owed in the period are as follows:
Provision of goods Amounts owed byand services related parties
Six months to 30 June 2007 £’000s £‘000s
Claymore Roads (Holdings) Limited - 209
Morgan-Vinci Limited - 115
Community Solutions for Primary Care (Holdings) Limited 5,012 477
Morgan Sindall Investments (3PD) Limited 1,715 135
The Compendium Group Limited 169 283
6,896 1,219
Six months to 30 June 2006 £‘000s £’000s
Claymore Roads (Holdings) Limited - 474
Morgan-Vinci Limited - 75
Community Solutions for Primary Care (Holdings) Limited 7,920 1,120
Morgan Sindall Investments (3PD) Limited - -
The Compendium Group Limited 114 -
8,034 1,669
Year to 31 December 2006 £‘000s £’000s
Claymore Roads (Holdings) Limited 13 820
Morgan-Vinci Limited 12 196
Community Solutions for Primary Care (Holdings) Limited 11,921 100
Morgan Sindall Investments (3PD) Limited 104 468
12,050 1,584
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Morgan Sindall Interim Report 2007
9 Post balance sheet eventOn 27 July 2007, Morgan Sindall plc acquired from Amec plc the entire share capital of AMECDevelopments Limited (‘ADL’), the urban regeneration business and the assets, business andcertain contracts relating to the Design and Project Services division (‘DPS’), save for certainexcluded assets and liabilities. Morgan Sindall will conclude certain other contracts on behalfof AMEC, which are substantially complete, and resolve any outstanding contract obligationsrelating thereto.
Morgan Sindall paid AMEC plc consideration of £34m for the two businesses. The combined netliabilities acquired were £21m, subject to adjustment. The consideration included an amount of£5m for the benefit of a restrictive covenant. The excess of consideration paid over net liabilitiesof £55m consists of the restrictive covenant payment of £5m and goodwill of £50m. An exerciseto review the fair value of the assets acquired is underway, full details of which will be providedin the Morgan Sindall 2007 report and accounts. Anticipated costs relating to the transaction of£2m will be capitalised.
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Share prices (FT cityline)
The Company’s share price (15 minute delay) is displayed on the Company’s website.
The EPIC code as used in the Topic and Datastream Share Price information service is MGNS.
Telephone share dealing service
Details of a low cost telephone dealing service with Stocktrade are available on the Company’swebsite under Investor Relations.
Electronic Communications
Shareholders may now view their shareholdings on line through the website of our registrars,Capita Registrars. If you wish to view your shareholding, please log onto www.capitaregistrars.comand click on the link ‘shareholder services’ then follow the instructions.
The Company would also like to take advantage of recent changes to the law, which allow us tocommunicate with shareholders in electronic form. If you would like to receive futurecommunications in this way, please register your e-mail address on the registrars’ website,following the instructions provided. This form of communication offers a cost benefit to the Companyand provides for an environmentally friendly way of communicating. The Company would thereforeencourage as many shareholders as possible to make use of this enhanced service.
To use this service, you will need to confirm your surname, UK postcode and Investor Code.The Investor Code may be found on a recent share certificate, in the bottom right hand corner,or on the tax voucher for the forthcoming dividend payment.
Company Secretary
Mary Nettleship
Registered Office
Kent House, 14-17 Market Place, London, W1W 8AJTel: 020 7307 9200Fax: 020 7307 9201
Registration No: 521970
Website
www.morgansindall.co.uk
Registrars
Capita RegistrarsThe Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU
MorganSindallplc,KentHouse,14-17MarketPlace,LondonW1W8AJ
Tel:02073079200Fax:02073079201
Visitourwebsiteatwww.morgansindall.co.uk
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