Morgan Sindall Group plc, the construction and regeneration group, has announced a strong set of preliminary results today for the year ending 31 December 2017.
The Group delivered a robust performance in 2017 with adjusted operating profit up 41 per cent to £68.6 million (FY 2016: £48.8 million) on revenues of £2,793 million, a 9 per cent rise on the previous year (FY 2016: £2,562 million). The reported operating profit was up 42 per cent for the year at £67.4 million (FY 2016: £47.4 million) with the Group ending 2017 with a net cash position of £193 million (FY 2016: £209 million). Adjusted earnings per share rose 43 per cent on last year at £121.1p (FY 2016: 84.7p). The dividend for the year is 45.0p, a 29 per cent increase from 2016’s 35.0p per share. The Group’s order book was also up 6 per cent to £3.8 billion.
“These strong results are evidence of the significant operational progress being made across the Group and are a testament to the high quality and commitment of our people,” says Chief Executive, John Morgan. “Our positive cash generation and increase in average net cash in the year has further strengthened our balance sheet and provides us with the flexibility to invest in our regeneration activities whilst allowing us to continue being highly selective with bidding in our construction activities.
“Looking ahead to 2018, we expect continued margin progression in Construction & Infrastructure, another strong performance from Fit Out, further growth from Urban Regeneration and Partnership Housing, and positive contributions from Property Services and Investments.
“Consequently, we are confident of another good year of progress and with this positive momentum, are well-placed to deliver a result for the year which is slightly above our previous expectations.”