{"id":612276,"date":"2023-02-27T04:51:49","date_gmt":"2023-02-27T10:51:49","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/27\/john-morgan-turnover-is-not-what-drives-us\/"},"modified":"2023-02-27T04:51:49","modified_gmt":"2023-02-27T10:51:49","slug":"john-morgan-turnover-is-not-what-drives-us","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/27\/john-morgan-turnover-is-not-what-drives-us\/","title":{"rendered":"John Morgan: \u2018Turnover is not what drives us\u2019"},"content":{"rendered":"
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\"JOHN-MORGAN.jpg\" <\/p>\n

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Morgan Sindall chief executive John Morgan has said his company is \u201cvery selective\u201d with its work and does not want to start taking on larger projects.<\/span><\/p>\n

The publicly listed firm turned over \u00a33.6bn in 2022 \u2013 an increase of 12 per cent on 2021 and up 72 per on 2013. It means the contractor is now the second-largest in the UK, eclipsing Kier, which earned \u00a33.3bn in its latest financial year.<\/span><\/p>\n

But Morgan (pictured), who co-founded the business in 1977, told <\/span>Construction News<\/span><\/i> that he plans to stick with lower-cost and lower-risk construction projects \u2013 and to use Morgan Sindall\u2019s strong balance sheet to invest in its Partnership Housing business.<\/span><\/p>\n

\u201cWe win quite a few [projects] but the size tends to be smaller,\u201d he said. \u201cWe do the odd large job, but that\u2019s not what gets us out of bed in the morning. We like repeat jobs and long-term workstreams.<\/span><\/p>\n

\u201cWe don\u2019t want a \u00a3200m job [\u2026] We don\u2019t do mega jobs and don\u2019t do jobs that lose mega money. We are fairly risk-averse and very selective.\u201d<\/span><\/p>\n

Morgan added that he would like Morgan Sindall\u2019s turnover to continue ticking upwards \u2013 but added that his priority was to \u201cmake business better for stakeholders\u201d and to \u201cdelight clients\u201d.<\/span><\/p>\n

He also vowed not to use the company\u2019s \u00a3354m in net cash on buying other companies \u2013 and would instead invest in organic growth across all of its five divisions, particularly its Partnership Housing division, which specialises in work with local authorities and housing associations.<\/span><\/p>\n

Morgan Sindall\u2019s full-year results, which were published yesterday, stated that \u201cdemand for the partnership model [\u2026] remained positive throughout [2022]\u201d, but that the division \u201cexperienced significant slowdown in its sales rates of private homes on its mixed-tenure sites\u201d.<\/span><\/p>\n

Morgan said that despite cost pressures on materials and increasing interest rates, his company would target the partnership housing sector, as there is \u201cvery strong government support for the schemes\u201d, which can span several years and are therefore less affected by material shortages and interest rates.<\/span><\/p>\n

Morgan Sindall made an \u00a385m profit in 2022, despite writing off \u00a348.9m to cover its historical building-safety liabilities.<\/span><\/p>\n

Traders responded positively to the results, with the company\u2019s share price surging by 8.1 per cent \u2013 giving Morgan Sindall a market capitalisation, or value, of \u00a3837m when markets closed on Thursday (23 February).<\/span><\/p>\n<\/p><\/div>\n

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

Morgan Sindall chief executive John Morgan has said his company is \u201cvery selective\u201d with its work and does not want to start taking on larger projects. The publicly listed firm turned over \u00a33.6bn in 2022 \u2013 an increase of 12 per cent on 2021 and up 72 per on 2013. It means the contractor is<\/p>\n","protected":false},"author":1,"featured_media":612277,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[115,110484],"tags":[],"class_list":{"0":"post-612276","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-morgan","8":"category-turnover"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/612276","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=612276"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/612276\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/612277"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=612276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=612276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=612276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}