Morgan Siddall Plc

FY results impacted by UK Gov £49m building safety charge.

By Elric Langton | 23 February 2023

Morgan Sindall Group Plc, a leading UK Construction & Regeneration group, posted its FY 2022 results; although revenue for the year was £3.61 billion, up by 12%, pre-tax profit fall back by a 30% compared to £85 million last year due to a £49 million charge to meet the Government’s building safety pledge on its housing schemes. However, the Building, Construction & Infrastructure, Fit Out, Property Services, Partnership Housing and Urban Regeneration remains a well-cashed Company with a strong position in the industry, which it thinks is well placed for normality if the interest rates, inflation and increased costs related to labour and energy costs ease into 2023.

The Company increased the dividend by 10% to 101p dividend compared to 2021.