The Group’s revenue increased by 14% to over £4.1bn, whilst its adjusted operating profit before tax was up 6% to £144.6bn. Their balance sheet also remains strong, with net cash at £461m, and its high-quality secured orderbook is at £8.9bn, which is up 5% on the previous year. This puts the Group in a strong position for the future and they are on track to deliver a result in 2024 in line with current expectations.
John Morgan, Chief Executive for the Group, says:
2023 has been another record year for the group, despite inflation, supply chain financial woes and the disappointing losses in Property Services. Our focus on cash and our strong balance sheet allows us to make the right decisions for the long-term and to benefit from available opportunities in our markets. We continue to prioritise our commitment to delivering economic, social and environmental value to all our stakeholders. I’m delighted to report that we’ve retained our triple A rating from MSCI and our A rating, for a fourth year in a row, from CDP for our leadership on climate change.
While there remains some uncertainty in the wider economy, reducing inflation and the prospect of lower interest rates provides a backdrop of confidence for the year ahead. Together with our high quality and growing order book across a wide number of sectors we’re well positioned for future growth.
Morgan Sindall Group is a leading UK Construction & Regeneration group with annual revenue of £4.1bn, employing around 7,700 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 a profit of £38.5m, an impressive 31% growth from last year, at a margin of £4.3m, which is up from £3.8m in 2022.
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