Business
Results for the Half Year (HY) Ended 30 June 2023
Results for the Half Year (HY) Ended 30 June 2023.
About this update from Morgan Sindall Group Plc
[{"type":"text","content":"\n\n\n2 August 2023\n\n \n \n \nMORGAN SINDALL GROUP PLC\n('Morgan Sindall' or 'Group')\n \nThe Construction & Regeneration Group\n \nRESULTS FOR THE HALF YEAR (HY) ENDED 30 JUNE 2023\n \nStrong first half, on track for record full year performance\n \n\n\n\n\n \n\n\nHY 2023\n\n\nHY 2022\n\n\nChange\n\n\n\n\n Revenue\n\n\n£1,935m\n\n\n£1,698m\n\n\n+14%\n\n\n\n\n Operating profit - adjusted1\n\n\n£59.1m\n\n\n£56.9m\n\n\n+4%\n\n\n\n\n Profit before tax - adjusted1\n\n\n£59.8m\n\n\n£54.6m\n\n\n+10%\n\n\n\n\n Earnings per share - adjusted1\n\n\n98.9p\n\n\n95.8p\n\n\n+3%\n\n\n\n\n Period end net cash\n\n\n£263m\n\n\n£274m\n\n\n-£11m\n\n\n\n\n Interim dividend per share\n\n\n36.0p\n\n\n33.0p\n\n\n+9%\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nOperating profit - reported\n\n\n£57.3m\n\n\n£56.0m\n\n\n+2%\n\n\n\n\nProfit before tax - reported\n\n\n£58.0m\n\n\n£53.7m\n\n\n+8%\n\n\n\n\nBasic earnings per share - reported\n\n\n100.0p\n\n\n94.3p\n\n\n+6%\n\n\n\n\n \n1 'Adjusted' is defined as before intangible amortisation of £2.2m and exceptional building safety credit of £0.4m\n (HY 2022: before intangible amortisation of £0.9m)\n \nStrong trading performance in first half\no Revenue up 14% to £1.9bn\no Adjusted profit before tax up 10% to £59.8m\nContinued balance sheet strength\no Net cash of £263m (HY 2022: £274m)\no Average daily net cash of £268m (HY 2022: £264m)\nHigh quality and growing secured order book\no Order book of £9.1bn, up 7% on year end (FY 2022: £8.5bn) \nInterim dividend up 9% to 36.0p per share (HY 2022: 33.0p)\nDivisional highlights\no Excellent performance from Fit Out; operating profit up 43% to £30.4m (HY 2022: £21.2m). Medium-term target significantly upgraded to reflect market opportunities and high quality of business\no Construction delivering good revenue growth with margin in its target range; revenue up 20% to £470m (HY 2022: £392m) at an operating margin of 2.6%. Operating profit up 6% to £12.0m (HY 2022: £11.3m)\no Strong performance from Infrastructure; revenue up 15% to £428m (HY 2022: £372m) at an operating margin of 3.7% (HY 2022: 3.4%). Operating profit up 24% to £15.9m (HY 2022: £12.8m)\no Cost pressures and operational challenges ...