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Morgan Sindall Group
Morgan Sindall Group (MGNS) investor relations material
Morgan Sindall Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary25 Feb, 2026
Executive summary
Achieved record profits for the tenth year in the last eleven, driven by organic growth, with strong growth in PBTA and dividends over a decade.
Secured order book and preferred bidder work reached GBP 19.1 billion, up 17%, with total line of sight up to GBP 30 billion including frameworks and future phases.
Revenues rose 10% to over GBP 5 billion, operating profit up 39%, and adjusted EPS up 33% year-over-year.
Net cash closed at GBP 531 million, up GBP 39 million, supporting future workload and organic growth.
Medium-term targets raised for Infrastructure and Mixed Use Partnerships; Fit Out profits expected to significantly exceed medium-term targets.
Financial highlights
Operating margin reached 4.5%, up 90 basis points year-over-year.
Adjusted PBTA margin improved to 4.6%.
Profit cash conversion rate at 87%, up 4 points from last year.
Order book increased 5% to GBP 12 billion, with future work up 17% to GBP 19.1 billion.
Earnings per share increased 33% to 370p; total dividend up 20% to 158p.
Outlook and guidance
Expecting average cash in excess of GBP 400 million for 2026 to support partnership business opportunities.
Partnership Housing targets solid profit growth and stable ROCE, dependent on housing market recovery.
Mixed Use Partnerships to see ramp-up in projects but only modest profit and low ROCE in 2026.
Fit Out profits projected to remain significantly ahead of medium-term targets for 2026, but turnover and margin expected to decline from record highs.
Construction and Infrastructure margins expected in the middle of target ranges, with revenues toward GBP 1.3 billion and GBP 1 billion, respectively.
Muse: Drivers for increased medium-term ROCE target?
Strategic rationale for high cash balances?
Fit Out: Market leadership strategy given profit outlook?
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Frequently asked questions
Morgan Sindall Group plc operates as a construction and regeneration company in the United Kingdom. The company offers a range of engineering and construction services to the public and private sectors, including environmental consultancy and management, energy solutions, highway maintenance work, rail services, and housing projects. The company was incorporated in 1953 and is headquartered in London, the United Kingdom.
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