BakerHicks’ parent company, Morgan Sindall Group, announce Half Year Results
Morgan Sindall Group plc, the parent company of BakerHicks, released their Half Year Results today (5 August 2020), which were unsurprisingly impacted by the COVID-19 pandemic. However, the Group’s balance sheet remains strong with an increase in secured workload putting it in a good position for future growth.
The Group’s adjusted profit before tax saw the impact of the pandemic, dropping 57% to £15.7m, whilst revenue was down 4% to £1,363m. Importantly, however, the Group’s balance sheet remains strong, with its average daily net cash increasing to £153m and the period end net cash standing at £146m. Added to this is a 5% increase in the Group’s secured workload, which is up to £8bn, putting them in a good position for future success and growth.
Chief Executive, John Morgan, said:
"Like a lot of organisations, we’ve spent the last few months dealing with all the issues around COVID-19, and I’d like to thank our staff very much indeed. All my colleagues have done a great job dealing with a situation in a very resilient way. I’d also like to thank our supply chain and our customers, we’ve all worked together to make the most of the situation.
“Our strong balance sheet and our strong cash position enables us to make the right decisions, both in the short term and the long term. We’re in a pretty good place considering the situation. Our strategy is unchanged, it’s organic growth and making our businesses better and better for all stakeholders.
“Our orderbook is good, our level of preferred bidder is good, and our enquiry levels are high. There is no doubt that we’re going to be moving into a situation where the markets we operate in could be a little bit weaker, like the rest of the economy. But, I’m really confident that we will increase our market share. We go forwards with quite a lot of confidence.”
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