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Interim Results

Morgan Sindall profit up 47%

08 August 2017 08:17

UK construction and regeneration group Morgan Sindall (MGNS) increased its adjusted profit before tax by 47% to £23.7 million in the first half, on the back of a 14% rise in revenue to £1.3 million.

The order book increased by 5% to £3.8 billion.

Growth was driven by the Fit Out division, where adjusted operating profit grew 27% to £14.6 million and margins increased from 3.9% to 4.3%.

There was continued margin improvement in Construction & Infrastructure, from 0.5% to 1.1%.

In Partnership Housing, the adjusted operating profit increased by 20% to £5.5 million.

Average daily net cash was £132 million, compared with a debt of £24 million the year before.

Chief executive John Morgan said: "With the current trading patterns in Fit Out and the forward visibility provided by the size and quality of its order book, together with further margin improvement in Construction & Infrastructure and an increase in scheme completions in Partnership Housing and Urban Regeneration, we are confident of another strong performance by the Group in the second half."

The interim dividend increased by 23% to 16p per share.

At 8:17am: (LON:MGNS) Morgan Sindall PLC share price was +40.5p at 1470.5p

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