Morgan Sindall Group (MGNS) Trading Update summary

Trading performance and outlook

• Full year 2024 results are now expected to be significantly ahead of previous expectations, driven by strong profit growth in the Fit Out division.

• Partnership Housing profits are projected to slightly exceed prior forecasts, supported by expanding public sector partnerships.

• Fit Out division's profits have materially exceeded expectations, with a secured order book of £1.3bn as of 30 September 2024, up 15% from year-end 2023.

• Construction and Infrastructure divisions are on track to meet revenue and margin medium-term targets for the year.

• Property Services remediation plan is progressing as planned, with a return to profit anticipated in 2025.

Order book and financial position

• Total secured order book at 30 September 2024 stands at £8.9bn, up 3% from the half year and consistent with year-end 2023.

• Daily average net cash from 1 January to 18 October 2024 was £374m, compared to £273m in the same period last year.

• Full year average daily net cash is expected to exceed £350m, aligning with previous guidance.

Key dates and contacts

• Full year results for 2024 will be announced on 19 February 2025.

• Key contacts for further information include John Morgan and Kelly Gangotra at Morgan Sindall Group, and Jonathan Glass and Nina Coad at Brunswick.