{"id":611278,"date":"2023-02-24T03:52:21","date_gmt":"2023-02-24T09:52:21","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/24\/morgan-sindall-revenue-hits-3-6bn\/"},"modified":"2023-02-24T03:52:21","modified_gmt":"2023-02-24T09:52:21","slug":"morgan-sindall-revenue-hits-3-6bn","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/24\/morgan-sindall-revenue-hits-3-6bn\/","title":{"rendered":"Morgan Sindall revenue hits \u00a33.6bn"},"content":{"rendered":"
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\"MSPS-Engineer-05-1024x682.jpg\" <\/p>\n

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Morgan Sindall has become the UK\u2019s second-largest contractor after posting revenue of \u00a33.6bn in 2022.<\/p>\n

This morning (23 February) the contractor unveiled yet another set of \u201crecord\u201d results, with the company\u2019s revenue increasing by 12 per cent, from \u00a33.2bn, during 2022.\u00a0This means Morgan Sindall is now larger than Kier, which earned \u00a33.3bn in its last financial year.<\/p>\n

Morgan Sindall\u2019s pre-tax profit fell by 32 per cent in 2022 from \u00a3126m to \u00a385m \u2013 however, the company said this was mainly due to writing off \u00a348.9m to cover historic building-safety liabilities.<\/p>\n

The group hinted that some of the written-off money could be recouped through the courts, saying its provision \u201cdoes not include the benefit of any potential income subsequently received for recoveries from third parties\u201d.<\/p>\n

Morgan Sindall said its adjusted pre-tax profit, which excludes the building safety charge and \u00a32m of intangible amortisation, increased by 6 per cent to \u00a3139m. This means the company had an adjusted margin of 3.9 per cent, down slightly from 4.1 per cent the previous year.<\/p>\n

Morgan Sindall\u2019s net cash at the end of 2022 dipped by \u00a33m to \u00a3355m, while the business said it had a secure order book of \u00a38.5bn \u2013 2 per cent lower than at the end of 2021.<\/p>\n

Morgan Sindall’s 2022 results by division<\/h3>\n\n\n\n\n\n\n\n\n
<\/td>\nRevenue (\u00a3m)<\/td>\nRevenue (% change v 2021)<\/td>\nOperating profit (\u00a3m)<\/td>\nOperating profit (% change v 2021)<\/td>\n<\/tr>\n
Construction and infrastructure<\/td>\n1,569<\/td>\n+3%<\/td>\n52.1<\/td>\n-10%<\/td>\n<\/tr>\n
Fit Out<\/td>\n986<\/td>\n+22%<\/td>\n52.2<\/td>\n+18%<\/td>\n<\/tr>\n
Property Services<\/td>\n163<\/td>\n+22%<\/td>\n4.3<\/td>\n+5%<\/td>\n<\/tr>\n
Partnership Housing<\/td>\n696<\/td>\n+22%<\/td>\n37.4<\/td>\n+13%<\/td>\n<\/tr>\n
Urban Regeneration<\/td>\n244<\/td>\n+20%<\/td>\n18.8<\/td>\n+56%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The group said its 2022 results \u2013 which feature its largest-ever annual revenue \u2013 came despite a \u201csignificant headwind\u201d from \u201cinflationary pressures and supply issues\u201d.<\/p>\n

The contractor noted that \u201crising energy prices, supply constraints on certain materials and increased trade and labour costs have continued to place upward pressure on total build costs\u201d.<\/p>\n

It added that it was able to offset increased build costs through \u201ca combination of contractual protection, operational efficiencies, flexible sourcing and by house sales price inflation\u201d.<\/p>\n

However, the firm admitted that on some projects it had been impossible to mitigate all cost increases, so \u201cthe resulting impact of margins has been unavoidable\u201d.<\/p>\n

Morgan Sindall chief executive John Morgan said: \u201cThese results are another record for the group and they reflect the high quality of our operations and the talent and commitment of our people.<\/p>\n

\u201cWith the more challenging economic backdrop, our strong balance sheet, including our substantial net cash position, provides us with confidence and enables us to continue operating efficiently and effectively.<\/p>\n

\u201cParticularly, it allows us to continue making the right decisions for the long term, to maximise our competitive advantage, and to best position us in our markets for continued sustainable long-term growth.\u201d<\/p>\n

He added: \u201cWhile there remains significant macroeconomic uncertainty, Morgan Sindall is a strong and agile business which is well-placed to overcome the challenges of the coming year and also well-positioned to take advantage of the opportunities that arise in this type of environment.\u201d<\/p>\n<\/p><\/div>\n

Related articles<\/h3>\n<\/p><\/div>\n

Read More<\/a>
\n Will Ing<\/p>\n","protected":false},"excerpt":{"rendered":"

Morgan Sindall has become the UK\u2019s second-largest contractor after posting revenue of \u00a33.6bn in 2022. This morning (23 February) the contractor unveiled yet another set of \u201crecord\u201d results, with the company\u2019s revenue increasing by 12 per cent, from \u00a33.2bn, during 2022.\u00a0This means Morgan Sindall is now larger than Kier, which earned \u00a33.3bn in its last<\/p>\n","protected":false},"author":1,"featured_media":611279,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[115,101115],"tags":[],"class_list":{"0":"post-611278","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-morgan","8":"category-sindall"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/611278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=611278"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/611278\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/611279"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=611278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=611278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=611278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}