Morgan Sindall Share Discussion Threads

[piedro] 14/4/2024 11:57

FWIW - comparison of the 'greats' ...

[mrscruff] 08/4/2024 15:09

Could it be simply that the government has not got enough money to maintain social housing and the budget was simply cut?

Have to say, the fitting out offices nicer to encourage workers back into the workplace is a real thing. Hope it continues for a long time as a mega trend instead of a fad. Personally I think its a mega trend.

[galeforce1] 01/4/2024 10:15

Mr Scruff - no. It's still a mystery to me why Property Services had such a bad 2023.

It's quite a big loss in a division where you would think there isn't alot or risk.

All surprising in such a well run business.

[mrscruff] 30/3/2024 09:39

Property Services loss, that one is related to providing trades to social housing. Did anyone get to the bottom of why?

[galeforce1] 23/2/2024 09:23

Great results as usual from this very well managed business. Growing order book, big jump in net cash and a nice rise in the dividend to 114p.
50% of the profits at MGNS are coming from Fit Out. No sign yet of the surge in this division easing off. But I suppose that has to happen at some point.
What has caused the biggish loss in Property Services? That's a surprise.

[master rsi] 22/2/2024 11:50

2,315p ( +100p / 4.51%)Morgan Sindall delivers "record" results for 2023; raises dividend
(Alliance News) - Morgan Sindall Group PLC on Thursday celebrated strong annual results and it increased its yearly dividend.

The London-based construction group delivered a "record" annual performance, with revenue up 14% to GBP4.12 billion in 2023 from GBP3.61 billion in 2022.

Beside its Property Services division swinging to an operating loss of GBP16.8 million from a profit of GBP4.3 million in 2022, all of Morgan Sindall's segments reported growth for the year. The firm added a "remediation programme" is on track to return the unit to profit in 2025.

This included another "market-leading" performance from Fit Out, which specialises in office space refurbishments, with operating profit up 38% to GBP71.8 million from GBP52.2 million.

Adjusted pretax profit increased to GBP144.6 million, 6.2% ahead of GBP136.2 million the prior year. Reported pretax profit was 69% higher at GBP143.9 million from GBP85.3 million.

Adjusted earnings per share rose 4.1% to 247.7p from 237.9p.

Morgan Sindall's total annual dividend was 114p, with a proposed final dividend of 78p. This is up 13% from the total 101p delivered to shareholders in 2022, which included a 68p final dividend.

As at December 31, the group had GBP461 million in net cash, up from GBP355 million at the end of 2022.

Morgan Sindall said that it had a healthy secured order book of GBP8.92 billion, up 5.4% from GBP8.46 billion a year before.

Looking ahead, the company said that slowing inflation and the chance of lower interest rates provides "a backdrop of confidence for the year ahead".

Chief Executive John Morgan said: "Despite facing market headwinds in the year and the disappointing losses in Property Services, the diversified nature of our operations and capabilities has allowed us to continue to make significant strategic and operational progress. In addition, our focus on positive cash flow together with our strong balance sheet has positioned us well to benefit over the long term from the opportunities available in our markets."

[eigthwonder] 22/2/2024 11:17

Good results; John Morgan is the epitome of the ideal long term owner manager

[villarich] 22/2/2024 10:56

Lovely results. I've averaged up today and doubled my holding. Lovely 1 year chart

[cruelladeville] 22/2/2024 09:32

Solid results from a solid company. Long term hold this one.

[thamestrader] 22/2/2024 08:22

Decent set of results, nice divi increase.

[piedro] 05/1/2024 16:42

News
Morgan Sindall crowned 2023 contracts league champion
Aaron Morby
A surge of contract wins in the second half of last year saw Morgan Sindall reign supreme with the greatest haul of new work over 2023.

[piedro] 18/12/2023 09:01

Morgan Sindall wins £54m Marne Barracks upgrade

[master rsi] 12/12/2023 09:11

Morgan Sinidall finance director to step down

(Sharecast News) - Construction group Morgan Sindall revealed on Tuesday that finance director Steve Crummett had announced his intention to retire from the company.

Crummett, who will step down from the role at the end of 2024, will be replaced by Kelly Gangotra, currently the chief financial officer of Halma's healthcare sector operations.

Morgan Sindall said Gangotra will be appointed as finance director and become a member of its board on a date to be agreed, expected to be around the third quarter of 2024.

Chief executive John Morgan said: "I'd like to thank Steve for his exceptional contribution to the board over the last ten years. Steve has seen the business through a period of significant growth and has helped shape our strategic direction and ensured that the financial stewardship of the business over the last 10 years has supported the group's long-term growth.

"I am delighted that Kelly will join the Group in 2024 and I look forward to working with her over the years ahead. She has an excellent track record as a CFO working in a decentralised business, is highly experienced in the construction and property industry and her valuable and significant skills and insight will support me and the board as the group continues to develop and grow."

[master rsi] 02/11/2023 09:58

MGNS 1,962 +64p / The range is wide £50 to £70 million for full-year results, but they reckon "Fit out division" "slightly above" the top end ...

Morgan Sindall on track to deliver full year expectations

Morgan Sindall Group PLC - London-based construction and regeneration company - Says it remains on track to deliver full year performance in line with its expectations despite challenging marker conditions. Says its Construction and Infrastructure divisions have performed better than expected, with both continuing to benefit from their "ongoing focus on long-term client relationships, operational delivery and risk management". Adds that Fit Out division has continued to trade strongly and is "well-placed" to deliver a full year result "slightly above" the top end of its medium-term target of a range of GB50 million to GBP70 million in annual operating profit.

Chief Executive Officer John Morgan says: "General market conditions remain challenging yet manageable. Against this backdrop, our high-quality secured order book and our operational delivery capabilities give us great confidence for the rest of the year, and we're on track to deliver a full year performance which is in line with our expectations."

[villarich] 02/11/2023 07:50

In line with expectations trading statement = 7% drop today

[daisylove] 25/10/2023 15:32

Another reason could be that I added, which is always like touching a tottering tower of crockery.

[willie99] 25/10/2023 14:06

Last year the div was paid on 26 Oct and the interim trading statement was 2 Nov.

This year the div will be paid on 26 Oct (same as last year), however their website just says the interim trading statement will be Nov… i.e. no precise date.

My thinking is that MGNS were planning to issue the trading statement on, or about, 2 Nov, but have postponed the date (without giving a new date) for some reason. In the current market, people assume the worst, and the share price falls.

I could be wrong, but it would be unusual for a company not to have a firm date for their Nov interim trading statement, when Nov is only six days away.

Does anyone have any other explanation for the sudden drop in SP?

[daisylove] 25/10/2023 13:06

Div payment tomorrow. One would expect a rise so that dividend reinvestment costs more!

[thamestrader] 25/10/2023 12:04

Does anyone now something I don't?

[thorpematt] 05/10/2023 19:10

Well I don't think there is much fallout. Almost all of the contractors have yet to include any of their works into any forecasts - and thus forecast are unchanged.

Kier for example already addresed the issue in a recent update, telling the market that it had made no asumptions in any forecasts relating to phases 2

Phase 1 continues for another decade and those forecast will of course remain as was.

Consultacies wil be the only ones likely to see any short term opportunities dry up.

In theory the money allocated should get distributed to a wider array of projects. Most likely the infastructure companies will be beneficiaries. In practice politicians looking for budget savings may well spend monies elsewhere. But that remains to be seen.

[cruelladeville] 05/10/2023 16:49

AFAIK, MGNS has no exposure to HS2. Just caught up in the fallout. I expect.

[mboy010] 05/10/2023 16:18

Presumably this will be concerning investors.

[thamestrader] 05/10/2023 09:27

back up to full holding now

[thamestrader] 03/10/2023 09:30

Back in at 1997p. A smaller batch than before, might buy some more when they go ex-div this week.

EDIT: not the best timing!