For the year to 31st December 2024 Morgan Sindall Group saw its revenue grow by 10% to 拢4,546m (2023: 拢4,118m) and pre-tax profit by 19% to 拢171.9m (2023: 拢143.9m).
Net cash at year end was 拢492m (2023: 拢461m).
Overbury, the fit-out division, was once again the star performer, with operating profit up 38% to 拢99m (2023: 拢71.8m) and revenue up 18% to 拢1,300m (2023: 拢1,105m) with an operating margin of 7.6% (2023: 6.5%).
Morgan Sindall Construction also had a good year, with operating profit up 19% to 拢30.9m (2023: 拢25.9m) and revenue up 8% to 拢1,044m (2023: 拢967m) with an operating margin of 3.0%, hitting the group鈥檚 medium-term targets. Morgan Sindall Construction had a secured order book at 拢952m at year-end, 20% ahead of the previous year, and 拢1,179m of work at preferred bidder stage.
Morgan Sindall Infrastructure鈥檚 operating profit of 拢38.5m (unchanged) on revenue up 18% to 拢1,047m (2023: 拢887m) meant a slightly softer operating margin of 3.7% (2023: 4.3%). This was attributed to the timing and phasing of project starts and completions. 聽The order book for this part of the business at year-end was up 11% at 拢1,883m, with 98% of it through frameworks.
Partnership Housing (Lovell) increased operating profit by 18% to 拢36.1m (2023: 拢30.5m) on revenue up 3% to 拢861m (FY 2023: 拢838m).
Mixed Use Partnerships (Muse) made an operating profit of just 拢1.5m, compared to 拢14.8m in 2023, but the secured order book more than doubled to 拢4.1bn.
Chief executive John Morgan said: "2024 was another record year for the group, reflecting the high quality of our diverse operations underpinned by the talent and commitment of our people, delivering significant double-digit growth for both adjusted profit before tax and the full year dividend, supported by our high-quality order book.
鈥淭hroughout the year we have continued to make significant strategic and operational progress across the group and remain well positioned to support the government's affordable home and social infrastructure plans over the medium-term, a result of which is that we have upgraded medium-term targets for four out of six of the group's divisions. In addition, our balance sheet, supported by a substantial average daily cash position, has allowed us to focus on making the right decisions to drive long-term sustainable growth while also supporting the returns to shareholders in the year.
鈥淟ooking ahead, while there is continued uncertainty in the wider macroeconomy, we remain positive for the year ahead. Together with our high-quality and growing order book spread across a wide number of sectors, we are well-positioned for the future and on track to deliver an outcome for 2025 which is in line with our current expectations."
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