Construction firm Morgan Sindall reported record full-year results on Thursday, with double-digit profit growth being driven by a modest increase in revenues and improved operating margins.
Morgan Sindall said adjusted operating and pre-tax profits were both up 41% on 2019’s pre-pandemic levels at £131.3m and £127.7m, respectively, and 92% and 100% on a year-on-year basis. Reported basic earnings per share came to 212.4p.
Adjusted revenues grew 5% compared to 2019 and 6% year-on-year to £3.21bn and adjusted operating margins improved to 4.1% from 3.0% two years earlier.
The FTSE 250-listed firm also hiked its total dividend per share to 92.0p, up 338% and 51% on 2019 and 2020, respectively, and highlighted its strong net balance sheet, with net cash of £358.0m as of 31 December 2021.
Chief executive John Morgan said: “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.
“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.”
As of 0910 GMT, Morgan Sindall shares were up 3.49% at 2,225.0p.
