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Recent changes:

Last year Morgan Sindall underwent a restructure, which saw it close a number of regional offices last year and reshape its business around four regions.

The shake-up also saw the , with executive chairman John Morgan returning to take charge of the business in November.

Smith鈥檚 departure was then followed by the surprise resignation of long-time finance director David Mulligan, who was replaced by Steve Crummett, most recently group finance director at Filtrona Plc. The firm said Mulligan had left in order 鈥渢o pursue new challenges鈥�.

The firm says the restructure, which cost 拢10m in one-off redundancies payment and property charges, will save it around 拢15m in annualised savings, as well as ensuring the firm is a 鈥渕ore flexible business that is able to move with market demands鈥�.

Morgan says there are no further restructuring plans - albeit with the usual caveat that he is 鈥渁lways keeping an eye on what鈥檚 happening in the market鈥�.

By pulling together two or three of our businessess for certain pitches we can punch well above our weight

John Morgan

However, this month the firm warned that its operating performance had fallen short of expectations in the first quarter of the year, following difficulties in its construction, infrastructure and affordable housing divisions.

The firm said overall revenues came in as expected but its performance had been hit by 鈥渕argin contraction鈥�.

It said its affordable housing business Lovell was experiencing 鈥渟ignificant pressure on construction revenue and margins.鈥�

Morgan says he wants to improve the performance of the housing arm by focusing on large, mixed-tenure schemes, and expects margins in the fit-out business and the affordable housing arms to improve.

But he warns that the firm鈥檚 construction margin of 1.7% is 鈥渕ore likely to worsen than get better in 2013鈥�.

He says he wants to focus on 鈥渢ighter鈥� implementation of the firm鈥檚 strategy.

鈥淭he biggest thing I鈥檓 looking to do is we鈥檝e got lots and lots of businesses where, on their own, they compete very nicely in their markets.

鈥淏ut by pulling two or three of them together for certain pitches we can punch well above our weight and win jobs where other competitors can鈥檛 put forward such strong propositions.鈥�

Latest results:

In February the firm reported a 15% fall in pre-tax profit for 2012 to 拢34.2m from 拢40m the year before. It also reported an 8% drop in revenue to 拢2bn from 拢2.2bn in 2011. The construction and infrastructure arm reported an 8% fall in revenue to 拢1.2bn over the period.

It said it had incurred one-off costs totalling 拢10m in redundancy payments and property costs from restructuring its construction and infrastructure and affordable housing divisions.

What the company says:

鈥淚n construction and infrastructure, the markets continue to be highly competitive, with the operational focus being on careful contract selection, cost and overhead management, and management of cash in a challenging working capital environment.

鈥淢argins continue under pressure across all sectors, however the full impact of this has been mitigated in part by the overhead cost savings derived from the restructuring announced in November 2012.

鈥淕eneral market conditions are expected to remain difficult throughout 2013 and no significant short-term improvement is envisaged. With positive momentum in the business evidenced by order book levels and the operational focus on deliverable margin, the board is confident that the business is well-positioned to benefit from profitable opportunities as they arise, with a strong bias towards the second half of the year.鈥�