Record Full Year results see Morgan Sindall Group in best shape ever .
24 Feb 2022
BakerHicks’ parent company, Morgan Sindall Group, today (24th February 2022) announced a record set of Full Year results, with a substantial increase on the Group’s previous record year of 2019.
Record set of results, with a substantial increase on previous record year of 2019
Strong orderbook and positive momentum across all divisions
On track to deliver results above expectations for 2022
Revenue rose 6% from 2020 to just over £3.2 billion, a 5% increase from number posted in 2019 pre-pandemic, delivering an adjusted operating profit of £131.3 million, up from £68.5 million in 2020. The Group’s secured order book of £8.6 billion was up 4% on year end, giving them real confidence for the years ahead. In addition, with a strong balance sheet and net cash of £358 million, up from £333 million in 2020, the Group is confident of achieving another good year of progress in 2022.
The Group’s Chief Executive, John Morgan, commented:
Our record results reflect the high quality of our operations and the huge talent and commitment of our people. The Group is in its best shape ever and we enter 2022 with a strong orderbook and a positive momentum across all of our businesses.
Underpinning these results is our commitment to maintaining a strong balance sheet at all times and to hold a substantial net cash position. This continues to allow us to make the right long-term decisions for the business.
Our strategic focus on our chosen markets is driving positive momentum across the Group and is enabling us to upgrade our divisional medium-term targets, which provide the framework for our next stage of growth.
We continue to make strong positive progress in our chosen markets, with the size and quality of our secured workload increasing in the year. This leaves us well-positioned for the future and on track to deliver a result for 2022 which is slightly above previous expectations.
Chief Executive, Morgan Sindall Group
Morgan Sindall Group is a leading UK construction and regeneration group, employing around 9,000 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 £58.1 million and a margin of 3.8%.