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Pre tax profit at construction giant Morgan Sindall fell 12% in 2011 despite rising revenue, as competition for building jobs grew increasingly intense.

Reporting full year results for the year ending December 31, Morgan Sindall said profit fell to 拢45.3m on revenue of 拢2.23bn, up from 拢2.1bn in 2010.

The firm also said its forward order book has fallen to 拢3.4bn from 拢3.6bn at the same point in 2011, though its pipeline of regeneration projects has risen to 拢1.8bn, up 28%.

The profit margins at it construction and infrastructure business fell from 2.2% to 1.7%, with the pipeline for this division, which produces more than half of the group鈥檚 revenue, dropping sharply. It said recovery in the London office market was 鈥渟low鈥� and that recovery in the fit-out market would be 鈥渟lower and later than expected.鈥�

Cash balances were also sharply down in 2011, as the business paid out in order to mobilise contracts won in 2010. However, profit grew at the firm鈥檚 smaller affordable housing and regeneration divisions, as the group continues to pursue its strategic focus on regeneration schemes.

John Morgan, executive chairman, described the performance as 鈥渟olid鈥� in a 鈥渃hallenging鈥� market. 鈥淲e are benefiting from being a broadly based business, offering creative, integrated solutions for increasingly complex projects, with a track record of delivery.鈥�

The firm also wrote off another 拢1.1m related to the 拢28m acquisition of social housing contractor Connaught in September 2010.