Record results see Morgan Sindall “in best shape ever”

Grant Prior 4 months ago
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Morgan Sindall has posted record results with profit margins at the core construction and infrastructure division hitting 3.8%.

The contractor is trading well-ahead of pre-pandemic levels with numbers up across the whole business.

Pre-tax profits were up to £127.7m for the year to December 31 2021 from £63.9m last time on turnover up to £3,213m from £3,034m.

Comparative 2019 pre-pandemic figures showed a pre-tax profit of £90.4m from a turnover of £3,071m.

The company said: “The strong Group performance in the year was the result in part of its relentless focus over many years on disciplined contract selectivity, risk management, operational delivery, long-term customer relationships and improved quality of earnings. This focus will continue and is the bedrock which underpins future performance.”

Morgan Sindall has a record order book of £8.6bn and has upgraded its medium-term financial targets across all divisions.

Chief executive John Morgan said: “2021 has been an excellent year for the Group with progress across the board. Our record results reflect the high quality of our operations and the huge talent and commitment of our people.

The Group is in its best shape ever. Our strategic focus on construction and regeneration is driving positive momentum across the Group and is enabling us to upgrade our divisional medium-term targets today which provide the framework for our next stage of growth.

Underpinning these targets is our commitment to maintaining a strong balance sheet at all times and to hold a substantial net cash position.  This continues to allow us to make the right long-term decisions for the business.

“We continue to make strong positive progress in our chosen markets, with the size and quality of our secured workload increasing in the year. This leaves us well-positioned for the future and on track to deliver a result for 2022 which is slightly above our previous expectations.”  

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