Eden, ECF, c Simon Buckley

Eden is aiming to be net zero carbon in operation. Credit: Simon Buckley

Profit and revenue up at Morgan Sindall 

The construction and regeneration group that boasts projects across the region recorded income in excess of £4bn in 2023, while pre-tax profit rose almost 70% year-on-year. 

Morgan Sindall Group posted a positive set of annual financial figures to the London Stock Exchange today. 

Revenue for the year ended 31 December 2023 came it at £4.1bn, up 14% compared to the £3.6bn brought in during 2022. 

Unadjusted pre-tax profit rose sharply from £85.3m to £144m in last year despite widespread economic unrest. 

“2023 was another record year for the group and these strong results reflect the high quality of our operations and the talent and commitment of our people,” said group chief executive John Morgan. 

“Despite facing market headwinds in the year and the disappointing losses in property services, the diversified nature of our operations and capabilities has allowed us to continue to make significant strategic and operational progress.”  

He added: “In addition, our focus on positive cash flow together with our strong balance sheet has positioned us well to benefit over the long term from the opportunities available in our markets.” 

Looking ahead, the value of Morgan Sindall’s order book crept up over the last 12 months from £8.5bn to £8.9bn. 

“While there remains some uncertainty in the wider economy, reducing inflation and the prospect of lower interest rates provides a backdrop of confidence for the year ahead,” Morgan added. 

“Together with our high-quality and growing order book spread across a wide number of sectors covering the built environment, we are well-positioned for the future and on track to deliver a result for 2024 which is in line with our current expectations.” 

Morgan Sindall Group has six divisions: fit-out, construction, infrastructure, property services, partnership housing, and urban regeneration. 

Operating profit across the fit-out, construction, and infrastructure divisions was up 38%, 15%, and 31%, respectively. 

The group’s property services arm reported a loss of £16.8m for 2023 due to “ongoing operational challenges”. 

Partnership housing saw revenue rise 20% while operating profit was down to £30.5m from £37.4m year-on-year. 

Paul Challinor, regional managing director for the North West at Lovell, said: “We are at a truly pivotal moment in the North West, with the completion of Miles Platting on the horizon after more than a decade of work to support the area’s regeneration. This monumental transformation is a fantastic demonstration of our expertise and capability, working with key partners, enhancing sustainability, and ensuring the future of our communities.

“Our commitment to collaborative regeneration continues to remain at the heart of what we do, and we look forward to developing new partnerships in the coming year, as well as building on our ongoing successes with our open market sales sites to deliver our ambitious growth plans in the region.”

It was a successful year in terms of project wins for Morgan Sindall’s regeneration division Muse. The business secured two major North West regeneration projects; Oldham town centre and Stockport 8. Together, these projects will deliver around 3,000 homes. 

The company is also delivering regeneration schemes in Blackpool, Prestwich, and St Helens and is nearing completion of Eden, a 115,000 sq ft operationally net zero office in Salford. 

Muse recorded operating profit of £14.8m, down from £18.9m in 2022. 

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