Morgan Sindall PLC
16 December 2004
Morgan Sindall PLC
('Morgan Sindall' or the 'Group')
Newport Road Project
Morgan Sindall announces that the construction joint venture ('CJV') between
Morgan Est, the Group's Infrastructure Services division, and Vinci Construction
Grand Projets, has completed construction of the Newport Southern Distributor
Road in South Wales. The CJV's design and construct contract was for the
Concession Company, Morgan=Vinci Ltd, a 50/50 special purpose company set up
between Morgan Sindall Investments Ltd and Vinci Concessions.
Permit to Use, allowing Morgan=Vinci Ltd to open the road to traffic, was
granted on 13 December 2004. Morgan=Vinci Ltd will earn revenue through a
payment mechanism which combines an availability payment with a payment based
upon the traffic which uses the road and a payment based upon the safety of the
road for the remaining part of the 40 year concession period. Revenues are
expected to be between £6.6 million and £9.2 million per annum, giving total
anticipated revenues of approximately £300 million over the 40-year concession
period.
Paul Smith, Chief Executive, commented:
'We are very pleased with the completion of this important project for our
Infrastructure Services division which has been delivered ahead of schedule and
within budget. This is the type of project that we shall increasingly be
focusing on as we strengthen our presence in the UK road sector.'
16 December 2004
Enquiries:
Morgan Sindall plc Tel: 020 7307 9200
Paul Smith, Chief Executive
College Hill Tel: 020 7457 2020
Kate Pope
Matthew Gregorowski
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