Morgan Sindall chief executive John Morgan has bought £3.2m worth of shares in the construction group.

Yesterday he snapped up half a million Morgan Sindall shares at £6.40 each taking his stake in the business to over 10%.

For much of last year the group shares traded around the £8 mark prior to the Brexit vote.

The move will be viewed as a strong vote of confidence in the contractor, which recently saw several city analysts up their target share prices, with one forecasting potential to reach £10 a share.

Last week Morgan Sindall reported pre-tax profits of £15.4m for the first six months of the year as performance improved across all divisions.

The results heralded a turnaround on the same period last year, which saw the company make a loss of £27.2m, after being hit with several legacy projects, including two Faslane jobs inherited when it took over Amec’s Design and Project Services arm for £26m back in 2007.

Results for the full year were predicted to come in ahead of expectations.

Via Construction Enquirer. View original article here.