British construction company Morgan Sindall Group Plc said first-half profit fell 95 per cent as increased competition hurt margins.
The company said that an exceptional charge of £13 million (Dh73.2 million) taken as a provision against amounts recoverable on a small number of older construction contracts also hurt profit.
Morgan Sindall, which builds houses, refurbishes offices and undertakes redevelopment projects, said it did not expect overall market conditions to improve significantly in the second half of 2013. Profit before tax fell to £1 millions in the six months ended June 30 from £18.8 million a year earlier. Revenue rose 2 per cent to £1.02 billion.