Morgan Sindall results ‘driven’ by fit-out division

Morgan Sindall Group has reported increased revenue owing to a period of strong fit-out works.  

Group revenue was up 14% in the six months to June 2023, with profit also up on the previous year.  

This was mainly due to the performance of the Group’s Fit-Out division, which continues to perform well since its last report with its operating profit up 43% to £30.4 million (HY2022: £21.2 million). 

“We’ve had a record first half of the year, notably from our Fit-Out business which has delivered another outstanding performance in the period, demonstrating the high quality of this business,” said chief executive, John Morgan. 

Highlights 

• Revenue: £1.9 billion (HY2022: £1.6 billion) 
• Operating profit: £57.3 million (HY2022: £56 million) 
• Profit before tax: £58 million (FY2022: £53.7 million) 
• Net cash: £263 million (HY2022: £274 million) 

The Group’s order book was up 7% on the year-end to £9.1 billion (FY2022: £8.5 billion). 

Adjusted earnings per share were valued at 98.9 pence, compared to 95.8 pence in 2022. 

The Group’s Construction arm reported revenue up 20% to £470 million, compared to £392 million in the previous year. 

While Infrastructure saw revenue of £428 million, an increase of 15% on 2022 (£372 million). 

Infrastructure also reported an operating margin of 3.7% (HY2022: 3.4%), with operating profit of £15.9 million, up 24% on 2022 (£12.8 million).  

“We have enjoyed a strong start to 2023 and are pleased to have made a significant contribution to Morgan Sindall Group’s results,” said Simon Smith, managing director for Morgan Sindall Infrastructure.  

“I am proud of the commitment of our people as we continue to drive operational excellence across our business and make great progress towards our net-zero targets. 

“We now look forward to maintaining positive momentum to full-year results.” 

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