Morgan Sindall Group publishes better-than-expected half year results, crediting its Fit Out division for the uplift in performance

Morgan Sindall Group delivered a record performance in the first half of 2023, driven mainly by a strong performance from the Fit Out division. Group revenue increased by 14% up to £1,935m while adjusted profit before tax increased 10% to £59.8m. In addition, the Group’s balance sheet remains strong, with net cash at the period end of £263m.

The positive momentum across the Group is driven by a high-quality and substantial order book of £9.1bn, up 7% on the year-end position, and which spans a number of sectors across the built environment.

Morgan Lovell is proud to contribute to the Group’s continued strong financial standing. The office design and build market is seeing sustained growth due to forward-thinking landlords and businesses reimagining their office spaces to remain competitive, meet sustainability commitments and entice employees back to the workplace.

Chris Booth, Morgan Lovell’s managing director states, “Change is at the centre of workplace design. Together with our clients, our team is creating workplaces that enhance new ways of working and reflect the growing awareness of the role of workplace in reducing carbon emissions. The combination of our passionate team and our reliable supply chain, means we’re consistently bringing high quality workspaces to the market.”

In commercial design and build, significant wins include 90,000 sq ft for BAE Systems at Victory Point in Camberley; 21,000 sq ft for C&C Group at The Pavilions in Bristol; a 15,000 sq ft fit out for TT Group in London; 11,000 sq ft for Butlins in Hemel Hempstead; 9,800 sq ft for Kobalt Music Group in London; 9,000 sq ft for Reflex Bracknell Limited (a subsidiary of CLS Holdings plc) at the Reflex Building in Bracknell; and 9,000 sq ft for Chubb Fire and Security in Staines.