Group revenue increased to £1,698m, up 9% from £1,559m in 2021, while adjusted operating profit increased £56.9m, up 4% from £54.8m in 2021. The Group also demonstrated continued balance sheet strength with net cash at the period end of £274m and a high-quality order book with a secured workload of £8.5bn.
Following their strong first half performance, the Group now expect to deliver a result for the full year slightly ahead of our previous expectations.
The Group’s Chief Executive, John Morgan, commented:
We have had a record first half of the year and these results reinforce the significant strategic and operational progress we have made over the past few years. Whilst early days, this is a good start towards our medium-term targets, set back in February.
With the more challenging economic backdrop, our strong balance sheet including a substantial net cash position is critical to operating efficiently and effectively. It allows us to continue making the right decisions and to best position us in our markets, giving us competitive advantage for continued sustainable long-term growth.
Our market positions and disciplined approach to contract selection continues to drive positive momentum across the Group, and our order book is substantial and of high quality. 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 slightly ahead of previous expectations.
Morgan Sindall Group plc is a leading UK Construction & Regeneration group with annual revenue of £3.2bn, employing around 7,200 employees and operating in the public, regulated and private sectors. It reports through five divisions of Construction & Infrastructure, Fit Out, Property Services, Partnership Housing and Urban Regeneration. BakerHicks report through the Construction & Infrastructure division, which delivered a 3.2% margin and £24.1m profit, up 7% from 2021.
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