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Morgan Sindall Group on course for another record year .

News 03 Aug 2023

BakerHicks’ parent company, Morgan Sindall Group, have announced a record set of Half Year Results for the first six months of 2023, with both revenue and pre-tax profit hitting new heights.

Highlights .

  • Revenue and pre-tax profit increase, supported by a strong balance sheet
  • Substantial and high quality order book across the divisions
  • On course to deliver another record performance for the Full Year

The Group’s revenue increased by 14% to £1,935m whilst adjusted profit before tax rose 10% to £59.8m. In addition, the Group has a strong balance sheet, with net cash at the period end of £263m. This positive momentum is driven by a high-quality and substantial order book of £9.1bn, up 7% on the year-end position, which spans a number of sectors across the built environment. 

The Group’s Chief Executive, John Morgan, said: 

Whilst the economic backdrop remains challenging, conditions have generally eased across most of our markets as the year has progressed. Our strong balance sheet, including a substantial net cash position allows us to be selective in the jobs we win and to continue make the right decisions for long-term sustainable growth.

We upgraded our expectations for the full-year in June, primarily based on an anticipation of continued outperformance from our Fit Out division. Since then, there has been no change to the overall expectations for the Group, and we remain confident of delivering another record performance for the full year.

Morgan Sindall Group 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 six divisions of Construction, Infrastructure, Fit Out, Property Services, Partnership Housing and Urban Regeneration. BakerHicks report through the Infrastructure division, which delivered an increased profit of £15.9m, up 24% on last year, with revenue also up 15%. 

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