Morgan Sindall’s first half performance for 2019 reveals profit before tax is up 20% to £36.3m, as its order book continues to grow
For the first half of the year to 30 June, Morgan Sindall made significant operational progress across its businesses.
The group’s secured order book was up by 19% to £4.2bn and the regeneration & development pipeline grew by 6% to £3.3bn.
The Construction & Infrastructure division improved to 2% from 1.7% in 2018, with operating profit up 23% to £13.9m.
Morgan Sindall’s Fit Out performance was down, with operating profit lower at £16.4m (HY 2018: £18.8m), but operating margin still remained strong at 4%.
The operating margin for the Property Services division increased from 1% in 2018 to 2.9% in 2019.
The group experienced operational improvements in Partnership Housing, with operating profit up 39% to £6.4m (HY 2018: £4.6m).
Commenting on the results, chief executive of Morgan Sindall, John Morgan, said: “We have had a strong first half of the year and these results underline the significant operational and strategic progress being made across the group. Our strong balance sheet including our net cash position is a significant differentiator for us, allowing us to make the right long-term decisions for the business, which best positions us in our markets for continued sustainable growth.
“There is much positive momentum across the group and with our high quality, growing order book, we are excited by the opportunities ahead. Following our strong first half performance and with the current visibility we have of the rest of the year, we now expect to deliver a result for the full year which is slightly ahead of our previous expectations.”