The Group’s revenue increased 12%, up to £3,612m, whilst its adjusted* profit before tax increased 7% to £136.2m. With a net cash of £355m and a high-quality secured workload of £8.5bn, the Group’s balance sheet is strong, enabling them to look forward with optimism.
Group Chief Executive, John Morgan, commented:
This is a strong performance and reflects the high quality of our operations and the talent and commitment of our teams. With the more challenging economic backdrop, our strong balance sheet, including our substantial net cash position, provides us with confidence. This enables us to continue making the right decisions for the long-term to maximise our competitive advantage and position us for continued and sustainable long-term growth.
Whilst there remains significant macroeconomic uncertainty, we are well placed to overcome these challenges and to take advantage to the opportunities that arise in this economic environment. Although it’s still early in the year, we can look forward with optimism and are well placed to deliver a result for 2023 that is in line with our current expectations.
Morgan Sindall Group plc is a leading UK Construction & Regeneration group with annual revenue of £3.6bn, 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 profit of £52.1m and a margin of 3.3%.
* Before the exceptional building safety charge of £48.9m and intangible amortisation of £2.0m
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