Business
RESULTS FOR THE HALF YEAR (HY) ENDED 30 JUNE 2024
RESULTS FOR THE HALF YEAR (HY) ENDED 30 JUNE 2024.
About this update from Morgan Sindall Group Plc
[{"type":"text","content":"\n\n8 August 2024\n \n \nMORGAN SINDALL GROUP PLC\n('Morgan Sindall' or 'Group')\n \nThe Partnerships, Fit Out and Construction Services Group\n \nRESULTS FOR THE HALF YEAR (HY) ENDED 30 JUNE 2024\n \nRecord first half performance, full year now expected to be slightly ahead of our previous expectations\n \n\n\n\n\n \n\n\nHY 2024\n\n\nHY 2023\n\n\nChange\n\n\n\n\n Revenue\n\n\n£2,214m\n\n\n£1,935m\n\n\n+14%\n\n\n\n\n Operating profit - adjusted1\n\n\n£65.5m\n\n\n£59.1m\n\n\n+11%\n\n\n\n\n Profit before tax - adjusted1\n\n\n£70.1m\n\n\n£59.8m\n\n\n+17%\n\n\n\n\n Earnings per share - adjusted1\n\n\n112.5p\n\n\n98.9p\n\n\n+14%\n\n\n\n\n Period end net cash\n\n\n£351m\n\n\n£263m\n\n\n+£88m\n\n\n\n\n Interim dividend per share\n\n\n41.5p\n\n\n36.0p\n\n\n+15%\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nOperating profit - reported\n\n\n£65.5m\n\n\n£57.3m\n\n\n+14%\n\n\n\n\nProfit before tax - reported\n\n\n£70.1m\n\n\n£58.0m\n\n\n+21%\n\n\n\n\nBasic earnings per share - reported\n\n\n113.1p\n\n\n100.0p\n\n\n+13%\n\n\n\n\n \n1 'Adjusted' is defined as before intangible amortisation of £0.3m and exceptional building safety credit of £0.3m. (HY 2023: before intangible amortisation of £2.2m and exceptional building safety credit of £0.4m)\n \nStrong first half performance reinforcing the significant strategic and operational progress being made across the Group\no Revenue up 14% to £2.2bn\no Adjusted profit before tax up 17% to £70.1m\nContinued balance sheet strength\no Net cash of £351m (HY 2023: £263m)\no Average daily net cash of £372m (HY 2023: £268m)\nHigh quality total future workload\no Order book of £8.7bn (FY 2023: £8.9bn) \nInterim dividend up 15% to 41.5p per share (HY 2023: 36.0p)\nDivisional highlights\no Fit Out delivering significant growth compared to the prior year on the back of increased revenues; operating profit up 36% to £41.3m (HY 2023: £30.4m) with an operating margin of 6.6% (HY 2023: 6.1%).\no Construction delivering good revenue growth with margin within its medium-term target range; revenue up 10% to £519m (HY 2023: £470m) at an operating margin of 2.7%. Operating profit up 18% to £14.1m (HY 2023: £12.0m).\no Strong performance from Infrastructure; rev...