Morgan Sindall hails record full-year performance

(Sharecast News) - Construction and regeneration group Morgan Sindall reported a record full-year performance on Wednesday as it hailed a "significant" contribution from the Fit Out division. In the year to the end of December 2024, adjusted pre-tax profit grew 19% to £172.5m, with adjusted operating profit up 15% to £162.6m and group revenue 10% higher at £4.5bn.

The total dividend was boosted 15% to 131.5p a share.

Morgan Sindall said its secured order book rose 28% to £11.4bn, driven by Mixed Used Partnerships, which saw a 62% increase to £6.3bn.

The company said Fit Out delivered another "significant and market-leading performance", with operating profit up 38% to £99m, revenue ahead 18% at £1.3bn and an operating margin of 7.6%, up from 6.5% a year earlier.

Chief executive John Morgan said: "2024 was another record year for the group, reflecting the high quality of our diverse operations underpinned by the talent and commitment of our people, delivering significant double-digit growth for both adjusted profit before tax and the full year dividend, supported by our high-quality order book.

"Throughout the year we have continued to make significant strategic and operational progress across the group and remain well positioned to support the Government's 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's divisions.

"Looking 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."