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Share Name Share Symbol Market Type Share ISIN Share Description
Morgan Sindall Group Plc LSE:MGNS London Ordinary Share GB0008085614 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -54.00 -3.13% 1,670.00 1,670.00 1,676.00 1,744.00 1,668.00 1,688.00 13,256 14:20:52
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 3,212.8 126.2 212.4 7.9 784

Morgan Sindall Group PLC Trading Update

02/11/2022 7:00am

UK Regulatory (RNS & others)


Morgan Sindall (LSE:MGNS)
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From Aug 2022 to Feb 2023

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RNS Number : 9874E

Morgan Sindall Group PLC

02 November 2022

2 November 2022

Morgan Sindall Group plc

Trading Update

Morgan Sindall Group plc ("the Group") today provides an update on current trading and the outlook for the 2022 financial year.

Group performance and outlook

Since the time of the half year results on 4 August 2022, increased general market uncertainty together with continued inflationary headwinds have provided for a more challenging economic backdrop. Notwithstanding this, trading across the Group has been robust and with its high-quality secured workload giving good forward visibility, the Group is on track to deliver a full year performance in line with its expectations.

Trading has been as expected in Construction & Infrastructure. The Construction activities are expected to deliver an operating margin for the full year within its target range of 2.5%-3% and the operating margin in the Infrastructure activities is also expected to be within its target range of 3.5%-4%.

Fit Out 's continued focus on operational delivery and customer experience, together with its order book for the rest of the year, means it is well-placed to deliver a very strong full year performance.

In Property Services, contract phasing and mobilisations is, as anticipated, driving slightly higher second half activity, although its operating margin continues to be impacted by general cost and labour inflation.

Partnership Housing has experienced a recent reduction in sales activity in line with the rest of the UK housing industry, however its focus on long-term partnerships with the public sector provides forward visibility and resilience. Average capital employed for the year is expected to be cGBP190m-GBP200m.

Urban Regeneration's active development schemes have progressed to plan, however inflation and interest rate increases are providing some scheme viability challenges. Average capital employed for the year is expected to be cGBP90m-GBP95m.

There has been no change to the previously announced estimate of building safety costs and the costs of applying the principles of the Building Safety Developer's Pledge across Partnership Housing and Urban Regeneration. These are still expected to be in the range of GBP40m-GBP50m and will be shown separately as exceptional provisions/expenses in the appropriate period(s).

Group secured workload

The Group has a sizeable and high-quality workload. The total secured workload for the Group at 30 September 2022 was GBP8.8bn, up 2% from the year end position (up 3% from the half year).

Within this, the construction secured order book of GBP4.6bn was up 2% from the year end (down 1% from the half year) and the regeneration secured order book of GBP4.2bn was up 3% from the year end (up 8% from the half year).

Balance sheet

The Group's balance sheet remains strong and in an uncertain trading environment, the holding of a significant cash balance is more of a competitive advantage than ever.

The average daily net cash for the period from 1 January to 28 October was GBP260m (of which GBP62m was held in jointly controlled operations or held for future payment to designated suppliers).

As previously guided at the time of the half year results, the average daily net cash for the full year is expected to be around GBP250m.

In addition, the Group has significant undrawn bank facilities available to it. These total GBP180m , of which GBP165m mature in 2025 and GBP15m in 2024.

John Morgan, Chief Executive, said:

"In recent months, increased general market uncertainty together with continued inflationary headwinds have provided for a more challenging economic backdrop.

Despite this, trading across the Group has been robust and with our high-quality secured workload giving good forward visibility, we're on track to deliver a full year performance in line with our expectations."

ENDS

 
 Morgan Sindall Group   Tel: 020 7307 9200 
  John Morgan 
  Steve Crummett 
 
  Instinctif Partners    Tel: 020 7457 2020 
  Matthew Smallwood 
  Bryn Woodward 
 

Note to Editors

Morgan Sindall Group

Morgan Sindall Group plc is a leading UK Construction & Regeneration group with annual revenue of GBP3.2bn, employing around 7,200 employees and operating in the public, regulated and private sectors. It reports through five divisions of Construction & Infrastructure, Fit Out, Property Services, Partnership Housing and Urban Regeneration.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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November 02, 2022 03:00 ET (07:00 GMT)

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