**Summary of Morgan Sindall Group PLCs Final Results for the Year Ended 31 December 2025**
Morgan Sindall Group PLC reported a strong performance for the full year ended 31 December 2025, with significant growth in adjusted profit before tax, up 35% to £233 million. The Group achieved record revenue of £5.0 billion, a 10% increase from the previous year, driven by robust performance across its divisions. Key highlights include
**Financial Performance**Adjusted operating profit rose by 39% to £225.7 million, with a margin expansion to 4.6%. Earnings per share (adjusted) increased by 33% to 370.0p. The Group maintained a strong balance sheet with net cash of £531 million, up from £492 million in 2024.
**Dividend Growth**The full-year dividend was increased by 20% to 158p per share, reflecting the Groups strong financial position and confidence in future prospects.
**Secured Order Book**The Group entered 2026 with a record secured order book of £12.0 billion, up 5%, and preferred bidder work increased by 17% to £19.1 billion. This includes significant growth in the Partnerships division, with a 29% increase in its order book to £11.5 billion.
**Divisional Performance**
**Partnership Housing**Revenue grew by 5% to £903 million, with operating profit up 16% to £42.0 million, despite challenges in the private housing market.
**Fit Out**Delivered exceptional performance with a 37% revenue increase to £1.78 billion and a 41% rise in operating profit to £139.9 million.
**Construction**Revenue increased by 11% to £1.16 billion, with operating profit up 20% to £37.0 million.
**Infrastructure**Revenue declined by 11% to £935 million, but operating profit remained stable at £37.2 million, with a margin expansion to 4.0%.
**Sustainability Leadership**The Group retained its MSCI AAA rating for ESG performance and achieved a CDP A- rating for climate leadership. It remains on track to meet its science-based carbon reduction targets.
**Strategic Progress**The Group increased medium-term targets for the Mixed Use Partnerships and Infrastructure divisions, reflecting improved market positions and future prospects.
**Outlook**Despite headwinds in the housing market, the Group remains positive for 2026 and expects to deliver results in line with revised expectations. The focus remains on long-term sustainable growth, supported by a strong balance sheet and disciplined capital allocation.
Overall, Morgan Sindall Group PLC demonstrated resilience and growth in 2025, with a strong financial performance, strategic progress, and continued leadership in sustainability, positioning the Group well for future opportunities.
| Metric | FY 2025 (£m) | FY 2024 (£m) | Change |
|---|---|---|---|
| Revenue | 5,019 | 4,546 | +10% |
| Operating profit - adjusted | 225.7 | 162.6 | +39% |
| Profit before tax - adjusted | 232.6 | 172.5 | td>+35%|
| Year end net cash | 531 | 492 | +£39m |
| Net finance income | 6.9 | 9.9 | -£3m |
| Operating cash flow | 195.9 | 134.8 | +£61.1m |
| Free cash flow | 161.5 | 107.0 | +£54.5m |
| Total dividend per share (p) | 158.0 | 131.5 | +20% |
Key Observations:
- Revenue increased by 10% year-on-year, driven by strong performance across divisions.
- Adjusted profit before tax grew by 35%, reflecting improved margins and operational efficiency.
- Net cash position strengthened by £39m, despite increased investment in partnerships and working capital.
- Net finance income decreased by £3m, primarily due to lower interest income on bank deposits.
- Operating and free cash flows improved significantly, supporting the increased dividend payout.