BakerHicks' parent company, Morgan Sindall Group, announce strong Full Year Results
Morgan Sindall Group plc, the parent company of BakerHicks, released their Full Year Results today (20 February 2020), with revenue going above £3bn for the year to 31 December 2019.
The Group delivered strong profit growth in 2019, with their adjusted profit before tax up 11% to £90.4m on a revenue of £3,071m, which is up 3% from the previous year. In addition, their balance sheet remains strong, with average daily net cash in the year increasing to £109m and year end net cash of £193m. With its secured workload up 14% to £7.6bn, the Group is well-positioned for future growth and another good year of progress is expected in 2020.
Chief Executive, John Morgan, said:
"These strong results reflect the high quality of our operations and are testament to the work and commitment of all our people. Our strategic focus on construction and regeneration underpins the positive momentum across the Group and provides the platform for future progress.
“Our balance sheet remains a significant differentiator, allowing us to make the right long-term decisions for the business. With our average daily net cash position further increasing in the year, we have the flexibility to continue being highly selective with our bidding while also investing in our regeneration activities.
“Both the volume and the quality of our secured workload have increased in the year, leaving us well-positioned for the future. We are confident of another good year of progress in 2020 and the group is in a strong position to deliver on its expectations."
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