By Morgan Sindall has reported a significant rise in both pre-tax profit and revenue, attributing this growth to a stronger order book. The U.K. based construction and regeneration company is confident in delivering results that align with the board’s expectations for the current year.
Key Financial Highlights
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Profit Surge: The company’s pre-tax profit for 2023 soared to GBP 143.9 million from GBP 85.3 million in the previous year.
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Revenue Growth: Revenue also saw a notable increase, reaching GBP 4.12 billion compared to GBP 3.61 billion in the previous year.
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Division Performance: Revenue at the construction division surged by 18% to GBP 967 million and by 15% to GBP 887 million at the infrastructure division.
Future Outlook
Morgan Sindall anticipates further growth, with expectations for both divisions to achieve a revenue of GBP 1 billion each in 2024. The company’s order book has also seen a 5% increase, totaling GBP 8.9 billion at the year-end.
Proposed Dividend
The board has proposed a final dividend of 78 pence per share, representing an increase from 68 pence in the previous year. The total dividend for 2023 stands at 114 pence.
Positive Economic Outlook
Despite some lingering uncertainty in the broader economy, Morgan Sindall remains optimistic. The company notes that decreasing inflation and the possibility of lower interest rates create a confident backdrop for the upcoming year.
Market Response
At 0822 GMT, the company’s shares were up by 3.2%, climbing by 70 pence to reach 2,285 pence.
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