Morgan Sindall turns in another set of record results as turnover tops £5bn for first time

Morgan Sindall broke through the £5bn turnover barrier last year as the firm turned in another record set of full-year numbers.

In results announced this morning, the firm said revenue was up 10% to just over £5bn with pre-tax profit up 35% to £232m.

The figure is the tenth year in a row the businesshas posted a pre-tax profit record – apart from the covid year of 2020 when it still turned in a profit.

Its star performer once again was the fit out business, which is due to complete the Citibank scheme in Canary Wharf by the middle of the year and is currently working on the new HSBC headquarters at St Paul’s, which saw revenue climb 37% to £1.8bn with operating profit up 41% to £140m.

Earlier this month, the firm upgraded expectations for the business and said that the division’s “profits for 2026 are now expected to be significantly ahead of expectations and significantly above the top end of the medium-term target of £80-£100m”.

Turnover at its construction business was up 11% to £1.2bn with operating profit up 20% to £37m.

Revenue from its partnership housing business was up 5% to £903m and operating profit up 10% to £42m.

Chief executive John Morgan said the firm’s mixed use partnerships division was set to turn a corner with the business, which saw revenue fall 43% to £52m, on track to expand this year which has seen the firm upgrade its medium-term performance.

Infrastructure’s medium-term target has also been upgraded with the business, which saw revenue slip 11% to £935m on the back of frameworks starting to get up and running, aiming for a £1.5bn turnover in the next few years. Operating profit here slipped 3% to £37m.

Morgan added: “The market is good apart from housing for sale which is poor. All housebuilders are selling less houses than they would like to.”

The firm, which was set up in 1977 as Morgan Lovell before becoming Mirgan Sindall in 1994, said its order book stood at a record £19.1bn with £7.1bn of this work at preferred bidder stage.

Net cash at the year-end was £531m, up from £492m, and its average daily net cash for the year was £368m, slightly down from £374m last time. “Having a good balance sheet is important for clients and the supply chain,” Morgan added.