Morgan Sindall Group (MGNS) Trading Update summary

Trading and outlook

• Trading since the start of the year has exceeded initial expectations, with full-year performance anticipated to meet current guidance.

• High-quality secured order book provides strong confidence for the remainder of 2025.

Divisional performance

• Partnership Housing profits and sales activity are improving, supported by new public sector partnerships and preferred bidder status on schemes for 3,000 homes.

• Mixed Use Partnerships and Construction divisions are performing in line with guidance, with new development agreements and a robust order book.

• Fit Out division is expected to exceed the top end of its medium-term targets, maintaining strong trading momentum.

• Infrastructure and Property Services divisions are on track, with Infrastructure benefiting from prior work wins and Property Services set for modest profit post-remediation.

Order book and financial position

• Secured order book at 31 March 2025 stands at £11.3bn, up 26% year-on-year and stable since year-end.

• Daily average net cash for the period was £369m, with full-year average expected above £330m, reflecting ongoing investment in Partnerships.