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Margins at Morgan Sindall鈥檚 construction and infrastructure business have dropped 0.5% over the past six months due to the 鈥渃ompetitive market鈥�, it said in a statement this morning.

The firm said it would target private sector and infrastructure growth as pre-tax profit overall also dropped 9% from 拢18.4m to 拢16.7m over the period.

But revenue at the contractor rose 11% over the first half, from 拢982m to 拢1,087m.

Turnover grew particularly strongly in fit-out and affordable housing, up from 拢179m to 拢222m and from 拢173m to 拢228m respectively.

Profit at the affordable housing business jumped 20% from 拢6.9m to 拢8.3m, while profit at the fit-out business dropped from 拢6.9m to 拢6.1m.

Operating profit in its construction and infrastructure business fell from 拢12.2m to 拢9.5m as turnover remained steady at 拢617m, marginally up from 拢612m in the previous six months.

Operating margins dropped in all three of its businesses, from 2% to 1.5% in construction and infrastrucutre, from 4% to 3.6% in affordable housing and from 3.8% to 2.7% in fit-out.

The firm cut the proportion of its work from the public sector from 60% to 50%.

The statement said: 鈥淟ooking forward, the market is expected to remain highly competitive with public sector work and roads construction continuing to shrink. However, we are focused on sectors that are expanding.鈥�

Executive chairman John Morgan said:  鈥漁ur broad sector spread, increasingly joined up approach and focus on more complex projects has helped to underpin a solid set of results.

鈥淲hile market conditions remain challenging, we continue to make the most of opportunities as they present themselves and invest in our businesses in order to position them for growth in the medium-term.

鈥淲e look to the future with cautious optimism and are confident that we are well positioned to deliver long-term sustainable growth.鈥�