Trading and Outlook for 2026

Morgan Sindall Group PLC

16 April 2026

 

This announcement contains information that qualified, or may have qualified, as inside information for the purposes of Article 17 of the Market Abuse Regulations (EU) 596/2014 (MAR). The person responsible for making this announcement is Kelly Gangotra, Chief Financial Officer.

MORGAN SINDALL GROUP PLC

Trading and Outlook for 2026

"Group PBT is expected to be significantly ahead of previous expectations"

Morgan Sindall Group plc ('the Group'), the Partnerships, Fit Out and Construction Services Group, today provides an update on trading and the outlook for the 2026 financial year.

Further to the Group announcement of its full year results on 25th February 2026, the Group now anticipates that its full year results for 2026 will be significantly ahead of its previous expectations following strong trading activity and increased visibility for the remainder of the year from its Construction and Fit Out divisions.

While private housing sales activity levels in the first quarter have improved relative to the same period last year, near-term consumer sentiment continues to remain subdued due to wider macro-economic events. As a result, profits for Partnership Housing are now expected to show modest growth in comparison to the prior year (FY 2025: £42m). The average capital employed for the full year is expected to remain in line with previous guidance and is estimated to be between c£490m and £550m, reflecting the stage of its developments while continuing to optimise investment in partnership opportunities for the future.

Mixed Use Partnerships profits are expected to be in line with previous guidance as the division prioritises the number of schemes starting on site, with 4 projects starting on site during the first quarter and a further 13 planned for the remainder of the year. The average capital employed for the year is expected to be between c£135m and £150m.

In Fit Out, confidence levels have continued to increase with regards to the conversion of preferred bidder work and future tender opportunities, providing greater visibility for the rest of the year. Profits are now expected to be significantly ahead of previous expectations and further exceed the top-end of its Medium-Term Target of £80m - £100m.

Construction's operating margin for the year is now expected to be at top end of its Medium-Term Target range (3.0% - 3.5%) resulting from a strong disciplined focus on operational delivery and risk management.  Revenues are now expected to be towards £1.4bn, due to increased visibility for the remainder of the year supported by its high-quality orderbook and work at preferred bidder stage.

Infrastructure has continued with the deployment of a number of planning and design activities for large frameworks, while also ensuring a high-quality of operational delivery across the business. Its operating margin is now expected to be at top end of its Medium-Term Target range (3.75% - 4.25%) while revenues remain unchanged from previous guidance.

For the period between 1 January to 14 April 2026, daily average net cash was £445m (of which £52m relates to amounts held in jointly controlled operations or held for future payment to designated suppliers), compared to £372m for the same period in the prior year, as the Group continues to invest in its Partnerships activities to support its long-term growth ambitions.

The average daily net cash for the full year is expected to be in excess of £400m, in line with the Group's previous expectations.

The Group will be holding its AGM trading on 7^th May 2026. The next scheduled trading announcement will be the Group's half year results on 23^rd July 2026.

Enquiries: Morgan Sindall Group John Morgan Kelly Gangotra Brunswick Jonathan Glass Ben Dinsdale

Tel: [phone] Tel: [phone]

 

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