BakerHicks’ parent company, Morgan Sindall Group, announce record set of Half Year results
Morgan Sindall Group plc, the parent company of BakerHicks, announced a record set of Half Year results today (4th August 2021), with trading substantially ahead of pre-pandemic 2019 levels.
Compared to 2019, revenue was up 10% to £1,559m from £1,421m in 2019, with an adjusted operating profit of £54.8m, up 46% from £37.5m in 2019. The Group’s balance sheet has also further strengthened, with net cash of £337m and average daily net cash for the half of £294m. With three profit upgrades in the first half of the year and a high quality order book with a secured workload of £8.3bn, level with year-end, the Group is well-positioned for continued future growth.
Chief Executive, John Morgan, said:
“Today’s results are incredibly positive. We entered this year with a great momentum, and this has accelerated even further over the last few months. We’ve got a very balanced business backed by a really strong balance sheet. This allows us to be disciplined in our job selection, only taking on projects where we can excel, allowing us to drive the business forwards.
“Our position today is one of strength and optimism. This is due to our highly empowered, talented teams of people who are able to flourish in our decentralised organisation. Our success has been made possible too by the support of our excellent supply chain and the tremendous loyalty of our customers and partners, who place their trust in us to carry out multiple repeat projects. Looking forward the outlook is very positive for the rest of the year and we’re on track for this to be a record year.”
At the start of the year, the Group also announced its commitment to becoming a net zero business by 2030. As part of this, they launched their woodlands project in partnership with Blenheim Estate and Grown in Britain this May. The initiative will see 270,000 trees planted, creating nine woodlands on the Blenheim Estate in Oxfordshire. A 15 kilometre public footpath will traverse the woodlands and a woodland school will also be built to help future generations understand and nurture our environment.
Watch the below video to find out more: