Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Morgan Sindall hails record FY results despite 'market headwinds'
(Sharecast News) - Construction group Morgan Sindall hailed "record" full-year results on Thursday despite market headwinds. In the year to the end of December 2023, adjusted pre-tax profit rose 6% to £144.6m, while revenue grew 14% to £4.1bn. The total dividend per share was lifted 13% to 114p and the order book came in at £8.9bn, up 5% on the previous year.
Morgan Sindall pointed to a continued "market-leading" performance from the Fit Out business, with operating profit up 38% to £71.8m and revenue 14% higher at £1.1bn.
The performance of the construction segment was "good", it said, with operating profit up 15% to £25.9m and revenue 18% firmer at £967m.
The company noted "strong" profit and margin growth in the infrastructure arm, with operating profit up 31% to £38.5m and revenue 15% higher at £887m .
Morgan Sindall's Partnership Housing unit enjoyed a "robust" performance against challenging market conditions, it said, with operating profit down 18% at £30.5m and revenue 20% higher at £838m.
Meanwhile, the property services segment continued to be dented by cost pressures and operational challenges, making an operating loss of £16.8m, versus a profit of £4.3m a year earlier.
Chief executive John Morgan said: "2023 was another record year for the group and these strong results reflect the high quality of our operations and the talent and commitment of our people.
"Despite facing market headwinds in the year and the disappointing losses in Property Services, the diversified nature of our operations and capabilities has allowed us to continue to make significant strategic and operational progress. In addition, our focus on positive cash flow together with our strong balance sheet has positioned us well to benefit over the long term from the opportunities available in our markets.
"Looking ahead, while there remains some uncertainty in the wider economy, reducing inflation and the prospect of lower interest rates provides a backdrop of confidence for the year ahead."
The group said it was on track to deliver 2024 results in line with its current expectations.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
