Morgan Sindall hikes dividend as revenue hits record
Morgan Sindall, the UK-based construction and regeneration group, has reported record results for the year ending 31 December 2024.
The group recorded a 10 per cent increase in revenue to £4.55bn, while adjusted operating profit rose 15 per cent to £162.6m.
The company’s net cash position improved to £492m.
Off the back of the numbers Morgan Sindall increased its total dividend by 15 per cent to 131.5p per share.
Morgan Sindall’s order backlog grows
Morgan Sindall provides construction, fit-out, property services, and urban regeneration, supporting both public and private sector projects.
The company’s secured order book expanded by 28 per cent to £11.4bn, driven by substantial growth at its Mixed Use Partnerships arm, which recorded a 62 per cent increase in secured orders to £6.3bn.
The Fit Out division also saw a 31 per cent increase in its order book to £1.4bn.
Partnership Housing recorded an 18 per cent increase in operating profit to £36.1m, with revenue up three per cent to £861m.
Mixed Use Partnerships saw steady revenue, though operating profit declined to £1.5m due to project completion phasing. However, its secured order book grew by 124 per cent to £4.1bn.
The Fit Out division delivered a strong performance, with operating profit up 38 per cent to £99m and revenue up 18 per cent to £1.3bn.
Construction also performed well, with revenue rising by eight per cent to £1.04bn and operating profit increasing by 19 per cent to £30.9m, meeting its medium-term targets.
Infrastructure reported an 18 per cent revenue increase to £1.05bn. Opearting profit hit £38.5m, despite the timing of project starts and completions.
Morgan Sindall chief executive John Morgan said: “2024 was another record year, reflecting the high quality of our diverse operations and the commitment of our people. We achieved double-digit growth in adjusted profit before tax and increased the full-year dividend by 15 per cent, supported by our strong order book.
“Throughout the year, we made 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.
“As a result, we have upgraded medium-term targets for four out of six of the group’s divisions. Our balance sheet, supported by a substantial average daily cash position, allowed us to make the right decisions to drive long-term sustainable growth while also supporting returns to shareholders.”