Morgan Sindall revenue substantially ahead of pre-pandemic levels
Construction group Morgan Sindall has reported it is trading substantially ahead of pre-pandemic levels.
In a half-year trading update, the group said revenue was up 10 per cent and adjusted profit before tax up 46 per cent on the same period in 2019.
Revenue for the six months to 30 June 2021 rose 14 per cent to £1,559m from £1,363m the year before and was 10 per cent higher than the period in 2019.
Adjusted profit before tax saw a boost of 238 per cent on 2020 and 46 per cent on 2019 with the group reporting £54.8m compared to £18.1m the previous year.
Reported profit before tax saw a near quadruple jump to £52.4m from £13.6m the previous year and up 48 per cent on the pre-pandemic sum of £35.5m.
The interim dividend was increased by 43 per cent to 30p from 21p in 2020 and 2019.
Its construction and infrastructure division reported operating profits were up to £226.m on £11.5m in 2020 and £13.9m in 2019 while its Partnership Housing division reported operating profit of £12.1m up from £2.1m in 2020 and £6.1m pre-Covid.
“We’ve had a very strong first half in which we’ve upgraded our profit guidance three times. We continue to make significant operational and strategic progress across the Group. With such positive momentum across all our activities, I am excited by the opportunities ahead,” Morgan Sindall chief executive, John Morgan said.