Underlying profit heads north after firm鈥檚 first provision in seven years hits bottom line
Morgan Sindall racked up its first exceptional item in seven years after the firm said it was making a 拢49m provision to carry out cladding repair work required by government legislation.
The last time it was forced to book a charge was in 2016 when it wrote off 拢47m on two contracts that came with its purchase of Amec鈥檚 construction business in 2007.
The cladding provision had already been flagged and this morning Morgan Sindall said the cost of meeting the developer pledge under the 星空传媒 Safety Act would be 拢48.9m.