A strengthening order book with a raft of major projects gearing up helped Morgan Est’s tunnelling activities more than double in revenues in 2006, the UK contractor told T&TI.
The trend was generally expected to continue, added a spokesman for the company. However, no revenue or earnings figures were disclosed for the tunnelling division.
He explained that the marked increased was compared to a relatively quieter year in 2005 as many major projects were reaching completion, such as tunnelling works at Heathrow airport.
The new projects that have helped lift revenues as they get going are: The 10km cable tunnel in Croydon, south London, for National Grid that is worth US$117M; the US$179M JV to upgrade Belfast’s sewerage system for Northern Ireland Water Service; and, most recently, the US$74M project to design, construct and commission a 4.9km long tunnel in south London for Thames Water (T&TI, Feb 07, p6).
Tunnelling is one of three civils-based units within Morgan EST, itself part of the Morgan Sindall group which reported pre-tax profits 14% higher last year, at US$93M. Revenues grew 15% to US$2.9bn. The forward order book stands at US$6.4bn.
From 2007, the firm will operate to also include the utilities activities of the parent group.
