- Morgan Sindall has revealed that its troubled London and South East construction division ran-up losses of £7m during the first half of this year.
- Morgan Sindall said “regional overhead has been reduced accordingly to match this level of activity.”
The company declined to comment on the number of job losses in London and the South East but said there has been “extensive leadership change”.
- The London losses wiped-out construction profits of £3m across the rest of the country sending the division to a £4m loss
The troubles are far from over in London and the South East where “problem” jobs have been completed but other “lower margin” contracts are still being worked through.
- Company executives confirmed the figures during a presentation to analysts on the firm’s half-year results.
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