Morgan Sindall 2018 interim results
HY 2018 summary:
Strong results reflecting strategic and operational progress across the Group
o Revenue up 9%
o Adjusted profit before tax up 27% to £30.2m
Average daily net cash of £113m; period end net cash of £97m
Divisional highlights
o Excellent performance from Fit Out; operating profit up 29% to £18.8m
o Significant margin improvement in Construction & Infrastructure; operating margin up to 1.7% (HY 2017: 1.1%) reflecting focus on quality of earnings
o Regeneration: Good performance from Urban Regeneration with profit up to £6.1m (HY 2017: £2.0m), with strong and visible development pipeline. Partnership Housing profit lower at £4.6m (HY 2017: £5.5m), impacted by construction cost overruns
o Property Services profit of £0.5m, reflecting the benefit of increased volumes. Loss in Investments of £1.1m due to scheme delays, but growing regeneration & development pipeline
Interim dividend up 19% to 19p per share
