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A strong daily net cash position of \u00a3374m (2023:\u00a3282m) helped Morgan Sindall to remain choosy about the work it took on helping the mainstream construction arm to achieve a 3% operating margin, a medium-term target for the business.<\/p>\n
Infrastructure and mixed-use partnerships divisions also put in strong performance leading to an uplift in targets for the year ahead.<\/p>\n
The only blemish continued to be the property services operation which recorded operating losses of \u00a317.8m, impacted by exit costs from an early release from a small number of contracts and a review of contract assets.\u00a0 The business is now positioned to return to profit in 2025.<\/p>\n
Across the Morgan Sindall group revenue rose 10% to \u00a34.55bn, generating a 19% uplift in pre-tax profit to a record \u00a3172m.<\/p>\n
Overbury alone contributed an operating profit of \u00a399m, off revenue up 18% to \u00a31.3bn.<\/p>\n
The group\u2019s order book also continued to swell increasing by 28% to \u00a311.4bn. This was driven by a strong uptick in Mixed Used Partnership orders for housing.<\/p>\n
Morgan Sindall trading divisions<\/span><\/th>\n<\/tr>\n<\/thead>\n\n| <\/td>\n | Revenue<\/td>\n | change<\/td>\n | Op. profit<\/td>\n | change<\/td>\n | margin<\/td>\n<\/tr>\n | Fit out<\/td>\n | \u00a31.3bn<\/td>\n | +18%<\/td>\n | \u00a399m<\/td>\n | +38%<\/td>\n | 7.6%<\/td>\n<\/tr>\n | Construction<\/td>\n | \u00a31.04bn<\/td>\n | +8%<\/td>\n | \u00a331m<\/td>\n | +19%<\/td>\n | 3.0%<\/td>\n<\/tr>\n | Infrastructure<\/td>\n | \u00a31.05bn<\/td>\n | +18%<\/td>\n | \u00a338.5m<\/td>\n | \u2013<\/td>\n | 3.7%<\/td>\n<\/tr>\n | Partnership Housing<\/td>\n | \u00a3861m<\/td>\n | +3%<\/td>\n | \u00a336m<\/td>\n | +18%<\/td>\n | 4.2%<\/td>\n<\/tr>\n | Mixed Use Partnerships<\/td>\n | \u00a391m<\/td>\n | -51%<\/td>\n | \u00a31.5m<\/td>\n | -90%<\/td>\n | n\/a<\/td>\n<\/tr>\n | Property Services<\/td>\n | \u00a3223m<\/td>\n | +21%<\/td>\n | -\u00a318m<\/td>\n | -6%<\/td>\n | (8.0)%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n | Chief Executive, John Morgan said: \u201c2024 was another record year for the group.<\/p>\n \u201cThroughout the year we have continued to make significant strategic and operational progress and remain well positioned to support the Government\u2019s affordable home and social infrastructure plans over the medium-term, a result of which is that we have upgraded medium-term targets for four out of six of the group\u2019s divisions.<\/p>\n He added: \u201cOur balance sheet, supported by a substantial average daily cash position, has allowed us to focus on making the right decisions to drive long-term sustainable growth while also supporting the returns to shareholders in the year.<\/p>\n \u201cLooking ahead, while there is continued uncertainty in the wider macroeconomy, we remain positive for the year ahead. Together with our high-quality and growing order book spread across a wide number of sectors, we are well-positioned for the future and on track to deliver an outcome for 2025 which is in line with our current expectations.\u201d<\/p>\n<\/p><\/div>\n |
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