Morgan Sindall Group saw a record year of growth in 2025, surpassing £5bn in revenue for the first time, as profits grew by 35%.
Some of the highlights noted by the company, along with the 10% increase in revenue from £4.55bn in 2024, were a PBTA (Profit Before Tax and Amortisation) margin expansion to 4.6%, up from 3.8% in 2024 and an increase in total dividend to 158p per share, up 20% from 131.5p in 2024.
Out of the group, the fit-out business was a standout performer, delivering an operating profit up 41% from £99m in 2024 to £139.9m in 2025, with revenue increasing 37% from £1,300m to £1,784m and with an operating margin of 7.8%, up from 7.6% in 2024.
Construction increased operating profit by 20% from £30.9m to £37.0m, with revenue also rising 11% from £1,044m to £1,159m, giving it an operating margin of 3.2.
However, the infrastructure division did see a slight dip, with operating profit down by 3% from £38.5m in 2024 to £37.2m in 2025 and revenue down 11% from £1,047m to £935m, caused by early planning and design activities for 'recently-awarded large frameworks', according to the company's 2025 results document.
John Morgan, group chief executive, said: ‘Over the last year we achieved significant growth in adjusted profit before tax, up 35% to £233m from the prior year. We also continued to make significant strategic progress across the wide number of sectors the Group operates in, entering 2026 with a record secured orderbook and work at preferred bidder stage up 17% to £19.1bn from the prior year. As a result, the improved outlook has given us the confidence to increase the medium-term targets for both the Mixed Use Partnerships and Infrastructure divisions.
‘Over the last 10 years we have delivered an 18% CAGR for adjusted profit before tax. This has been delivered by our decentralised operating model through each of our five empowered businesses based on our vision to harness the energy of our teams to achieve the improbable. Despite some of the current headwinds in the housing market, we remain positive for the year ahead and are on track to deliver an outcome for 2026 which is in line with revised expectations as set out in our Trading Update released on 12 February 2026.'
Full results for 2025 can be found here.
