Morgan Sindall Group Plc
-18.00 (-1.07%)
Stock Name Stock Symbol Market Stock Type
Morgan Sindall Group Plc MGNS London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
-18.00 -1.07% 1,672.00 16:35:16
Open Price Low Price High Price Close Price Previous Close
1,678.00 1,666.00 1,682.00 1,672.00 1,690.00
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Morgan Sindall MGNS Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

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Posted at 23/2/2023 12:53 by master rsi
Morgan Sindall - MGNS 1,770p +136p (8.32%) / profit hit by fire safety charge; confident for 2023
(Alliance News) - Morgan Sindall Group PLC on Thursday said profit fell in 2022 due to exceptional charges, but it expects to deliver 2023 results in line with its expectations.

The London-based construction company reported pretax profit was GBP85.3 million last year, down 32% from GBP126.2 million in 2021. The company said the fall was due to an exceptional building safety charge of GBP48.9 million.

The charge, which was in line Morgan Sindall's guidance back in November of GBP40.0 million to GBP50.0 million, relates to a recent UK building safety act. The new rules require the removal of flammable cladding from tall buildings and were put in place in response to the fatal Grenfell Tower fire in London in 2017.

Adjusted pretax profit was GBP136.2 million, up 6.6% from GBP127.7 million in 2021.

Revenue was GBP3.61 billion in 2022, increasing 12% from GBP3.21 billion in 2021. Morgan Sindall said significant strategic and operation progress was made in spite of market headwinds.

Looking into 2023, the company said it has a "substantial" order book, with a secured workload of GBP8.5 billion. This is down 2% from a year ago.

The company declared a final dividend of 68 pence per share, bringing the total to 101.0p, up 9.8% from 92.0p in 2021.

Chief Executive Officer John Morgan said: "While there remains significant macroeconomic uncertainty, Morgan Sindall is a strong and agile business which is well-placed to overcome the challenges of the coming year and also well-positioned to take advantage of the opportunities that arise in this type of environment.

"There are early signs that inflation, particularly labour inflation, has plateaued and is starting to fall in some areas. We look forward with optimism and although it is still early in the year, we're well-positioned to deliver a result for 2023 which is in line with our current expectations."

Morgan Sindall shares were up 7.2% trading at 1,752.00p per share on Thursday morning in London.

Posted at 11/2/2023 10:12 by cruelladeville
A great high profile job for Morgan Sindall building the new stand at Wrexham football club. Given the televised series, the highly visible publicity of the club won't do MGNS any harm at all.
Posted at 31/1/2023 21:42 by cruelladeville
Steady stream of new work being awarded to MGNS. Nothing massive but a decent flow of new projects coming in. Promising start to a likely difficult 2023.
Posted at 19/1/2023 12:42 by don carter
Toe in the water today. Has always been highly thought of and seen as an effective company. Divi is attractive too.
Posted at 10/11/2022 14:56 by cruelladeville
Nice to see another good day for MGNS stock. Long may it last.
Posted at 15/8/2022 07:54 by galeforce1
Note from Numis, following MGNS's H1 2022 results. The interesting bit is the last paragraph which explains the costs & complexities of the 'Developer Pledge'. MGNS previously signed this for the Partnership Housing Division, and stated the costs would be 'non-material'. Now it has been obliged to sign for the Urban Regeneration Division and costs are undoubtedly 'material'. £7m charge in H1. Looks like a further £40-£50m has to be paid up-front to the government, but much of this should later be recovered from contractors.

Morgan Sindall (Buy, TP: 3,000p) Upgrade driven by Fit Out momentum

Morgan Sindall has reported record H1 profit, delivering further growth on H1-21 which was itself a step change in performance. For context, EBIT is +52% vs H1-19. This is despite a very challenging operating environment in which cost inflation has impacted some project margins. Due to continuing strong momentum in Fit Out, we upgrade current year PBT +6%. As we argued in our recent longer note, we believe the division is benefiting from medium-term drivers of changing working practices and increased EPC requirements for commercial premises. With an orderbook equivalent to >2.5x revs and continued organic momentum across the divisions, we estimate medium-term targets represent c.40% further profit growth. We reiterate our BUY recommendation and £30 target price.
Download Upgrade driven by Fit Out momentum
(4 pages)

Group. H1 revs +9% y/y to £1.7bn with EBIT +4% to £56.9m at a margin -10bp to 3.4%. Market conditions were a headwind; the impact on total build cost and increased strain on the supply chain is expected to continue in H2. Demand remained resilient with the orderbook +2% y/y to £8.5bn. We upgrade NSe FY22 PBT +6% to £134m; we retain FY23 at this stage. The interim divi is +10% y/y to 33p and we now expect a full year divi of 100p (5.1% yield). H1 average daily net cash of £264m remains very high albeit -£30m y/y, predominantly due to investment in Partnership Housing. We now forecast FY22 av. net cash of £250m.
Divisional. Construction & Infra margin increased further to 3.2%; Infra volumes were lower y/y as expected due to timing, offset by growth in Construction (where preferred bidder work grew). Fit Out EBIT +10% y/y, and we now expect £50m for FY22; it maintained its high orderbook. Property Services delivered growth albeit still impacted by delays to decision-making. Partnership Housing EBIT +15% y/y with the margin +40bp to 4.9% and capital employed is now at £179m; av. site size has grown 39% with the number of sites +2%. Urban Regen adj. LTM ROCE was 20%.

Developer Pledge. As previously announced, Partnership Housing signed the developer Pledge and the provisions are not expected to be material to group. Urban Regen has taken a £7m H1 provision in relation to the extended liability period, and in July received a letter from UK Govt requesting it to commit to the Pledge as a mixed-use developer. It has contractual coverage and expects to recover any costs, but its initial assessment is this would involve a charge of £40-50m, before seeking recoveries. This has been recognised as a contingent liability in the H1 accounts.

Posted at 08/8/2022 08:13 by galeforce1
Piedro - that's an interesting graph.
How serious do you think the decline in margins is?
The results looked good to me, although de-cladding is going to cost MGNS quite alot more than originally estimated.

Posted at 20/7/2022 13:31 by galeforce1
Half-year results at MGNS on Thursday August 4th. Hopefully everything is continuing to tick along nicely.

We had a trading statement on May 5th which was cautiously optimistic about meeting the 2022 guidance (operating profit of £177m), so there should be no surprises in the H1 figures.

As usual, it is the comments on forward outlook, inflationary pressures, etc. that will be critical.

Posted at 24/2/2022 13:32 by master rsi
2,250p +100p (4.65%) / Morgan Sindall doubles profit in 2021 on improved margins
(Alliance News) - Morgan Sindall Group PLC delivered a record set of results on Thursday, as the construction sector recovered from Covid-related disruption.

The London-based infrastructure construction company said profit before tax doubled to GBP129.8 million in 2021 from GBP60.8 million the year before. Earnings per share were similarly doubled to 212.4 pence from 99.8p.

Revenue for the year rose by 5.8% to GBP3.21 billion from GBP3.03 billion in 2020, and by 4.6% from the pre-pandemic comparative of GBP3.07 billion in 2019.

Operating margin also increased to 4.1%, up 180 basis points from the prior year's margin of 2.3%, and up 110 basis points from 2019's margin of 3.0%. Despite a 7% drop in Construction & Infrastructure revenue, operating profit grew by 63% over the past year thanks to the improved margin.

Morgan Sindall said better operational delivery, "disciplined contract selectivity", risk management, and a favourable project mix were behind its increased margin.

The final dividend was increased by 55% to 62.0p per share from 40.0p in 2020. The total dividend for 2021 was up 51% year-on-year to 92p, from 61.0p. This represents a dividend cover of 2.46 times.

Morgan Sindall's share price was up 3.9% to 2,232.88 pence each in London on Thursday morning.

Reflecting its strong performance in 2021, Morgan Sindall has increased targets for some divisions. Revenue over GBP1 billion is now targeted in Construction and Infrastructure divisions, having achieved GBP694 million and GBP826 million in 2021 respectively. The company expects to finish 2022 "slightly above" its previous expectations.

Chief Executive John Morgan commented: "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.

"Underpinning these targets is our commitment to maintaining a strong balance sheet at all times and to hold a substantial net cash position. This continues to allow us to make the right long-term decisions for the business."

Net cash at year-end was GBP358 million, up from GBP333 million in 2020, and GBP193 million in 2019.

Posted at 22/2/2022 11:49 by galeforce1
Results this Thursday. Presumably there will be no big surprises as there was a trading update in November. Stockopedia says the estimated net profit for 2021 will be £104m, but is forecasting a dip to £96m in 2022.

MGNS usually has a nice way of surprising to the upside, so I'm hoping to see £110m net profit, more positive news across the order book and a rise in the dividend. MGNS looks very good value at £21-odd. When everyone calms down about Russia annexing the Donbass (3000 miles from Britain and populated by 1.5m Russians who want to be part of Russia), we will hopefully get back towards £25.

It's definitely good news that the fit-out division Overbury is getting contracts like re-fitting the Citi tower in Canary Wharf for £300m.

Potential negatives? Cladding removal costs? Continuing slow action at the Regeneration division? Labour inflation?

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