REG - Morgan Sindall Grp - Trading Update and Outlook for 2024

Morgan SindallAnnouncement

22/10/2024 07:00

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RNS Number : 0260J  Morgan Sindall Group PLC  22 October 2024

MORGAN SINDALL GROUP PLC

Trading Update and Outlook for 2024

 

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, the Partnerships, Fit Out and Construction Services
Group, today announces an update on trading and the outlook for the 2024
financial year.

Since its last Trading Update on 8(th) August 2024 and following material
profit growth ahead of expectations from the Fit Out division, the Group now
anticipates that its full year results for 2024 will be significantly ahead of
its previous expectations.

 

By division:

·   Partnership Housing profits are now envisaged to be slightly ahead of
the Group's previous expectations, as it continues to grow its long-term
partnerships with the public sector.

·   While trading has remained subdued in Mixed Use Partnerships, the
division has been successful in securing and holding preferred bidder
positions for several sizeable schemes across the UK.

·   Fit Out's profits have continued to strengthen significantly due to
exceptional volumes and is now expected to materially exceed the Group's
previous expectations. Its secured order book as of 30th September 2024 was
£1.3bn, up 15% from the 2023 year end position, providing confidence in the
full year and beyond.

·    Both Construction and Infrastructure are on target to meet their
revenue and margin medium-term targets this year.

·    Property Services remediation plan remains on track to be completed
by the end of 2024 and is expected to return to profit in 2025.

 

Group secured orderbook

·   The Group has a high-quality workload, the total secured order book for
the Group at 30 September 2024 was £8.9bn, up 3% from the half year and in
line with the 2023 year end position.

 

 

Balance sheet

·    For the period between 1 January to 18 October, daily average net
cash was £374m (of which £45m relates to amounts held in jointly controlled
operations or held for future payment to designated suppliers), compared to
£273m for the same period in the prior year.

·    The average daily net cash for the full year is expected to be in
excess of £350m, in line with the Group's previous expectations.

 

The Group will announce its full year results to 31 December 2024 on 19(th)
February 2025.

 

 

 

Enquiries:

 Morgan Sindall Group  Tel: 020 7307 9200

 John Morgan

 Kelly Gangotra

 Brunswick             Tel: 020 7404 5959

 Jonathan Glass

 Nina Coad

 

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