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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/morgan-eyes-social-housing-boost.jpg"><img class="alignnone size-full" title="Morgan Sindall has won several house-building contracts" src="http://londonglossy.com/wp-content/uploads/2011/02/min-morgan-eyes-social-housing-boost.jpg" alt="Morgan Sindall has won several house-building contracts"/></a></p>
<p>Building firm Morgan Sindall has posted a 9% fall in profits but said its Lovell affordable housing arm had been transformed by two major deals.</p>
<p>The group, which also has divisions in construction and infrastructure, urban regeneration and fit-out, reported a 5% drop in revenues to £2.1 billion as &#8220;challenging&#8221; conditions left full-year profits at £40.7 million.</p>
<p>The affordable housing arm hiked profits by 8% to £16.1 million and saw its order book improve to £1.5 billion after the acquisition of some assets at collapsed firm Connaught boosted its services in social housing.</p>
<p>With the division also lifted by an earlier deal to buy MJ Gleeson&#8217;s maintenance arm Powerminster, Morgan Sindall said Lovell had secured new long-term contracts with 45 local authorities and housing associations.</p>
<p>As well as transforming its range of services, the company said the deals extended its coverage in the south and south-west of England. Its workload has also been buoyed by the award of a £45 million social housing contract to create 545 new homes for West Lothian Council and a £75 million redevelopment framework contract for Glasgow City Council.</p>
<p>Meanwhile, the slowdown in construction and infrastructure markets caused revenues in this area of Morgan&#8217;s business to fall by 17% to £1.25 billion. Operating profits of £26.9 million, compared with £30.1 million a year earlier, represented a robust performance, according to the company.</p>
<p>Significant projects secured during the year included the five-year Lee Tunnel contract for Thames Water and the £400 million Hull Building Schools for the Future programme.</p>
<p>Morgan Sindall, which employs 7,000 people, said it remained cautious about the short-term outlook but said opportunities remain in the infrastructure market due to planned investment in power generation and utilities.</p>
<p>Executive chairman John Morgan added: &#8220;Trading remains challenging, but we continue to secure profitable projects.&#8221;</p>
<p>Stripping out one-off costs, such as the integration of Powerminster and Connaught and the merger of its construction and infrastructure services divisions, Morgan Sindall recorded flat underlying profits of £51.3 million.</p>
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