For the year to 31st December 2024 Morgan Sindall Group saw its revenue grow by 10% to £4,546m (2023: £4,118m) and pre-tax profit by 19% to £171.9m (2023: £143.9m).
Net cash at year end was £492m (2023: £461m).
Overbury, the fit-out division, was once again the star performer, with operating profit up 38% to £99m (2023: £71.8m) and revenue up 18% to £1,300m (2023: £1,105m) with an operating margin of 7.6% (2023: 6.5%).
Morgan Sindall Construction also had a good year, with operating profit up 19% to £30.9m (2023: £25.9m) and revenue up 8% to £1,044m (2023: £967m) with an operating margin of 3.0%, hitting the group’s medium-term targets. Morgan Sindall Construction had a secured order book at £952m at year-end, 20% ahead of the previous year, and £1,179m of work at preferred bidder stage.
Morgan Sindall Infrastructure’s operating profit of £38.5m (unchanged) on revenue up 18% to £1,047m (2023: £887m) meant a slightly softer operating margin of 3.7% (2023: 4.3%). This was attributed to the timing and phasing of project starts and completions. The order book for this part of the business at year-end was up 11% at £1,883m, with 98% of it through frameworks.
Partnership Housing (Lovell) increased operating profit by 18% to £36.1m (2023: £30.5m) on revenue up 3% to £861m (FY 2023: £838m).
Mixed Use Partnerships (Muse) made an operating profit of just £1.5m, compared to £14.8m in 2023, but the secured order book more than doubled to £4.1bn.
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. In addition, our balance sheet, supported by a substantial average daily cash position, has allowed us to focus on making the right decisions to drive long-term sustainable growth while also supporting the returns to shareholders in the year.
“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.”
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