Morgan Sindall doubles profits and share earnings in record results
Morgan Sindall has doubled pre-tax profit in the past year, after the pandemic threw a spanner into British construction works.
In a set of record results, the construction and regeneration group enjoyed a more than 100 per cent boost to earnings per share last year, which climbed from 108.6p to 226p.
Shareholders has been left in a comfortable position, after its dividend swelled over 50 per cent in the 12-month period to 92p, dwarfing its pre-pandemic figure of 21p.
Meanwhile, revenue inched six per cent higher to £3.2bn, also sailing past its pre-pandemic figure of £3bn.
“2021 has been an excellent year for the group with progress across the board. Our record results reflect the high quality of our operations and the huge talent and commitment of our people,” chief executive John Morgan said in a statement.
£The group is in its best shape ever. Our strategic focus on construction and regeneration is driving positive momentum across the Group and is enabling us to upgrade our divisional medium-term targets today which provide the framework for our next stage of growth.”
Morgan Sindall finished the year with £358m of net cash, a new high for the company, as its order book grows.
The construction group secured £8.6bn worth of work in 2021, an increase of four per cent in comparison with 2020.
The CEO added that maintaining a strong balance sheet and “substantial” net cash has put the company in a prime position to “make the right long-term decisions for the business”.
“We continue to make strong positive progress in our chosen markets, with the size and quality of our secured workload increasing in the year. This leaves us well-positioned for the future and on track to deliver a result for 2022 which is slightly above our previous expectations,” said Morgan.