Information  X 
Enter a valid email address

Morgan Sindall Grp (MGNS)

  Print          Annual reports

Thursday 22 July, 2021

Morgan Sindall Grp

Trading Update and Outlook for 2021

RNS Number : 0475G
Morgan Sindall Group PLC
22 July 2021
 

 

22 July 2021

 

Morgan Sindall Group plc

 

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 Steve Crummett, Finance Director

 

Trading Update and Outlook for 2021

Morgan Sindall Group plc ('the Group'), the construction and regeneration group, today announces an update on trading and the outlook for the 2021 financial year.

Since its last Trading Update on 22 April 2021, trading has been strong and the positive momentum across the Group has continued to accelerate. All divisions have performed well and the results for the Group for the six months to 30 June 2021 are expected to show profit before tax1 in the region of £53m, reflecting growth of c238% on the 2020 half year result2 and up c46% on the 2019 'pre-pandemic' comparative period2

The cash performance has again been strong, with average daily net cash for the first half of £294m (HY 2020: £153m). The net cash as at 30 June was £337m (HY 2020: £146m).

The total Group secured workload as at 30 June was £8.3bn, level with the year-end position and up 5% from the same time last year.

By division:

· Construction & Infrastructure has had strong margin and profit growth in the first half. This performance, together with the forward visibility provided by its order book, indicates a likely out-turn for the full year which is significantly stronger than previously expected.

 

· Fit Out has continued its high level of performance. Its secured order book as at 30 June was £581m, up 42% from the year end and is a record high for the division, providing confidence in the full year and beyond.

 

· Property Services is delivering its expected margin improvement as volumes have been restored to their normal run-rates.

 

· Partnership Housing has continued to see high levels of market demand across the first half and further margin and profit growth is expected through the rest of the year.

 

· Urban Regeneration is trading as expected as its development schemes progress to plan.

As a result, the Group now anticipates that its full year results for 2021 will be significantly ahead of its previous expectations.  

 

The Group will announce its half year results to 30 June 2021 on 4 August 2021.

1 before amortisation

2 H1 2020 adjusted profit before tax: £15.7m. H1 2019 adjusted profit before tax: £36.3m

 

ENDS

 

ENQUIRIES:

Morgan Sindall Group plc    Tel:  020 7307 9200 

John Morgan, Chief Executive

Steve Crummett, Finance Director

 

Instinctif Partners  Tel:  020 7457 2020

Matthew Smallwood

Rosie Driscoll

 

Morgan Sindall Group

Morgan Sindall Group plc is a leading UK construction and regeneration group with revenue of c£3bn, employing around 6,600 employees and operating in the public, regulated and private sectors.  It operates through five divisions of Construction & Infrastructure, Fit Out, Property Services, Partnership Housing and Urban Regeneration.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTSEMFMFEFSELW

a d v e r t i s e m e n t