Morgan Sindall profits top £144m
The construction and regeneration group, busy on projects across the region, recorded income exceeding £4bn in 2023, while pre-tax profit rose almost 70% year-on-year.
Morgan Sindall Group posted a positive set of annual financial figures to the London Stock Exchange today, with regeneration arm Muse, which is advancing the final phase of its Northshore residential project at Stockton-on-Tees. playing its part.
MS’s revenue for the year ended 31 December 2023 came it at £4.1bn, up 14% compared to the £3.6bn brought in during 2022.
Unadjusted pre-tax profit rose sharply from £85.3m to £144.6m last year despite widespread economic unrest.
“2023 was another record year for the group and these strong results reflect the high quality of our operations and the talent and commitment of our people,” said group chief executive John Morgan.
“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.”
He added: “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.”
Morgan Sindall Construction is delivering a £12m training centre for Middlesbrough College, due to open this September, while the group’s infrastructure arm is principal contractor on three stations for the Northumberland Line railway.
National placemaker Muse reported a strong order book, with a £1.8bn development pipeline.
In 2023, 20 projects were under construction with a combined GDV of £1.4bn. Eight projects reached practical completion.
In the North East, Muse has continued to deliver regeneration at Northshore in Stockton-on-Tees, starting the final phase of 113 affordable homes.
James Pitt, managing director at Muse for Yorkshire & North East, said: “Working in partnership across Yorkshire and the North East, we have continued to deliver impactful regeneration. This includes landmark projects such as One City Park in Bradford or The Forge in Rotherham, which will have significant and positive impacts for local communities.
“As part of the wider Muse business we are proud to have made an important contribution to the financial results of our parent company. Morgan Sindall Group plc.
“Muse has continued to champion best practice in the industry, appointing our first Head of Sustainability and Social Value, and publishing our first progress report on ‘Our Sustainable Future’.
“We have a strong pedigree of working in partnership with the public sector to regenerate towns and cities, grow economies, and support communities. With a strong development pipeline, we have a firm foundation and the financial strength to deliver, along with the skills and capability to drive growth.”
