REG - Morgan Sindall Grp - Trading Update

Morgan SindallAnnouncement

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RNS Number : 9161G  Morgan Sindall Group PLC  01 May 2025

MORGAN SINDALL GROUP PLC

Trading Update

"Positive start to the year and trading in-line with expectations"

Ahead of today's Annual General Meeting, Morgan Sindall Group plc ('the
Group'), the Partnerships, Fit Out and Construction Services Group provides an
update on trading and the outlook for the 2025 financial year.

 

John Morgan, Chief Executive, said:

 

"Since the start of the year, trading has been better than we originally
expected and looking ahead to the rest of the year, our high-quality secured
order book gives us strong confidence of delivering a full year performance in
line with our current expectations."

 

By division:

·    Partnership Housing profits remain in line with previous guidance,
with sales activity across both mixed-tenure and contracting continuing to
show good improvement. This is underpinned by the division strengthening its
long-term partnerships with the public sector through its appointment as
preferred bidder on two new partnership schemes in the period to build 3,000
homes. The average capital employed for the full year is estimated to be
between c£390m and £400m as the business invests in its partnerships for
future growth.

·   Trading performance in Mixed Use Partnerships is expected to be in line
with previous guidance, as it continues to build on its prior year successes
in converting a number of sizeable opportunities into preferred bidder
schemes, while also securing two signed development agreements in the period
to date. The average capital employed for the year is expected to be between
c£105m and £115m.

·    The Fit Out division continues to benefit from a very strong trading
momentum and is expected to exceed the top-end of its revised Medium Term
Targets (of £60-£85 million), in line with previous guidance.

·   Construction continues to perform as expected, supported by its growing
high-quality order book and work at preferred bidder stage.

·    Following strong work winning successes for Infrastructure from the
prior year, the division continues to benefit from its ongoing disciplined
focus on operational delivery and risk management, and is expected to be in
line with our previous guidance.

·   Property Services remains on track to deliver a modest profit for the
year, following the successful  completion of its remediation programme in
2024.

 

Group secured orderbook

·    The total secured order book for the Group at 31 March 2025 was
£11.3bn, broadly in line with the year end (FY 2024: £11.4bn) and up 26%
versus the prior year.

 

Balance sheet

·    For the period between 1 January to 30 April, daily average net cash
was £369m (of which £50m relates to amounts held in jointly controlled
operations or held for future payment to designated suppliers), compared to
£390m 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 £330m, in line with the Group's previous expectations.

 

Enquiries:

 Morgan Sindall Group  Tel: 020 7307 9200

 John Morgan

 Kelly Gangotra

 Brunswick             Tel: 020 7404 5959

 Jonathan Glass

 Tom Pigott

 

 

Note to Editors

Morgan Sindall Group

Morgan Sindall Group plc, the Partnerships, Fit Out and Construction Services
Group, reported annual revenues of £4.5bn in full year 2024, employing over
8,000 employees and operating in the public, regulated and private sectors. It
reports through six divisions of Partnership Housing, Mixed Use Partnerships,
Fit Out, Construction, Infrastructure and Property Services.

 

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