Building firm Morgan Sindall has seen its fortunes slashed by 28 per cent in the last year, latest figures have revealed.

The company, which operates under the Morgan Ashurst name from offices in Tramway Road, Banbury, made a pre-tax profit of £51.5m, down from £71.4m in 2008.

The Banbury operation has won a total of £5.2m worth of contracts since last August, down slightly on the £6m worth achieved in the same period last year.

More than 70 per cent of new work won has been secured through referred or repeat business.

Key projects include an extension and refurbishment scheme of the Willy Freund youth centre entre at Dover Avenue in Banbury and a project to refurbish bathrooms and kitchens at Wantage Hospital.

Morgan Ashurst, which employs 68 staff, six more than last year, also has ongoing contracts with Oxfordshire County Council and the Oxfordshire Buckinghamshire Mental Health Trust.

The company also continues to secure repeat business from Tudor Hall School in Banbury and local primary care trusts.

John Bennett, Morgan Ashurst area director for Banbury. said: “Despite a tough year for the construction sector Morgan Ashurst has performed well and we’re winning work.

“Key to our strategy has been a commitment to create local jobs for local people in the communities where we work.”

“Although we expect the market to remain competitive this year, there are good project opportunities out there.”