Morgan Sindall director cashes in £700k of shares

Morgan Sindall finance director Steve Crummett has cashed in nearly £700,000 of shares.

Crummett sold a total of 30,090 shares in two tranches this week, valued at an average of £23.19 each, equating to £697,787.10.

Crummett, who joined Morgan Sindall in April 2013 from product supplier Filtrona and is due to retire at the end of the year, was ranked eighth in Construction News’ latest analysis of the top 20 best-paid construction plc executives, with basic pay of £449,000 and a total remuneration package of £1.6m in 2022.

The table of executive remuneration does not include money made from shareholdings.

After the sale, Crummett continues to own 91,979 shares in the company, while a relative owns a further 82,000. Together, the shares are worth just under £4m.

Shares in the contractor – the UK’s second-largest by turnover – closed at £23.20 on Thursday (7 March).

Morgan Sindall’s revenue and profit has grown to record levels in the past decade, from just over £1bn in 2013 with a £1m pre-tax profit, to £4.1bn and pre-tax profit of £143.9m for the year ending 31 December 2023.

Former Skanska chief financial officer Kelly Gangotra is due to take over from Crummett when he retires.

Morgan Sindall has not responded to a request for comment on Crummett’s sale.

The contractor’s founder and chief executive John Morgan sold shares in the company worth more than £21.1m between November 2019 and April 2021.

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