4th Aug 2021 08:39
(Alliance News) - Morgan Sindall Group PLC on Wednesday reported a surge in interim profit amid a "very strong" first half of 2021.
Pretax profit for the six months that ended June 30 was GBP52.4 million, multiplied year-on-year from GBP13.6 million. Profit also was up 48% from the 2019 level of GBP35.5 million.
The construction and property regeneration group posted revenue of GBP1.56 billion, a rise of 14% from GBP1.36 billion in the prior year and up 10% from the pre-pandemic level of GBP1.42 billion.
"The positive momentum across the group coming into 2021 following the operational disruption experienced in 2020, has continued throughout the first half and has driven a very strong period of growth," the company said.
Morgan Sindall declared an interim dividend of 30.0 pence per share, up 43% from 21.0 pence in both 2020 and 2019.
"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," said Chief Executive John Morgan.
Going forward, the company's first half results, combined with the current visibility for the rest of the year, gives it confidence of another strong performance in the second half, with it being "well-positioned for future growth". Morgan Sindall's order book stood at GBP8.32 billion at the end of the half-year, steady from its level at the end of 2020.
Shares in Morgan Sindall were down 3.3% to 2,360.66 pence each in London on Wednesday morning.
By Amrit Sahota; [email protected]
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