Morgan Sindall Group

MGNS · Main Market · Construction and Materials · mcap £1,937m · 3954.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 23 Jul 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,926m
Owner’s net cash: £418.3m
Net cash / market cap: 22%
EV ex leases: £1,361m
Revenue: £5,211m
Operating profit: £245.1m
Free cash flow after leases: £139.6m
EV / EBIT: 5.6×
FCF yield: 7.2%
Price / tangible book: 2.49×
ROCE: 29%
Net income (owners): £189.0m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 23 Jul 26 · read the results ↗

Source ↗

	Six months to 30 June 2026 (unaudited) £m	Six months to 30 June 2025 (unaudited) £m	Year ended 31 Dec 2025 (audited) £m
Revenue	2,562.0	2,369.5	5,018.6
Cost of sales	(2,254.0)	(2,094.3)	(4,406.6)
Gross profit	308.0	275.2	612.0
Analysed as
Adjusted gross profit	308.0	275.2	613.3
Exceptional building safety items	-	-	(1.3)
Impairment loss on contract assets	-	-	(2.5)
Administrative expenses	(198.1)	(187.4)	(391.3)
Share of net (loss)/profit of joint ventures	(0.6)	1.7	1.2
Other operating income	2.2	1.8	5.5
Operating profit	111.5	91.3	224.9
Analysed as
Adjusted operating profit	111.5	91.8	225.7
Exceptional building safety items	-	(0.1)	(0.4)
Amortisation of intangible assets	-	(0.4)	(0.4)
Finance income	8.7	8.1	15.6
Finance expense	(4.1)	(4.0)	(8.7)
Profit before tax	116.1	95.4	231.8
Analysed as
Adjusted profit before tax	116.1	95.9	232.6
Exceptional building safety items	-	(0.1)	(0.4)
Amortisation of intangible assets	-	(0.4)	(0.4)
Tax	(29.0)	(22.4)	(56.9)
Profit for the period	87.1	73.0	174.9
Attributable to
Owners of the Company	87.1	73.0	174.9
Earnings per share
Basic	186.1p	155.7p	372.1p
Diluted	177.4p	149.3p	354.8p

Source ↗

	30 June 2026 (unaudited) £m	30 June 2025 (unaudited) £m	31 Dec 2025 (audited) £m
Assets
Goodwill and other intangible assets	218.2	217.8	218.3
Property, plant and equipment	96.3	93.9	102.2
Investment property	-	0.6	-
Investments in joint ventures	146.5	136.7	132.7
Deferred tax assets	4.2	-	4.2
Non-current assets	465.2	449.0	457.4
Inventories	693.5	559.5	603.3
Contract assets	335.4	302.9	235.8
Trade and other receivables	514.9	465.5	553.4
Current tax assets	-	6.7	1.3
Shared equity loan receivables	0.1	-	-
Cash and cash equivalents	491.6	465.8	590.5
Asset held for resale	-	-	6.6
Current assets	2,035.5	1,800.4	1,990.9
Total assets	2,500.7	2,249.4	2,448.3
Liabilities
Contract liabilities	(88.7)	(99.9)	(118.7)
Trade and other payables	(1,396.7)	(1,208.6)	(1,343.6)
Current tax liabilities	(2.2)	-	-
Lease liabilities	(24.2)	(22.5)	(24.8)
Borrowings	(73.3)	(76.3)	(59.3)
Provisions	(68.5)	(79.1)	(71.7)
Current liabilities	(1,653.6)	(1,486.4)	(1,618.1)
Net current assets	381.9	314.0	372.8
Trade and other payables	(9.4)	(11.6)	(14.9)
Lease liabilities	(44.0)	(48.7)	(48.8)
Deferred tax liabilities	-	(2.1)	-
Provisions	(20.4)	(23.3)	(17.7)
Non-current liabilities	(73.8)	(85.7)	(81.4)
Total liabilities	(1,727.4)	(1,572.1)	(1,699.5)
Net assets	773.3	677.3	748.8
Equity
Share capital	2.4	2.4	2.4
Share premium account	66.1	65.8	65.9
Other reserves	1.2	1.0	1.2
Retained earnings	703.6	608.1	679.3
Equity attributable to owners of the Company	773.3	677.3	748.8
Total equity	773.3	677.3	748.8

Source ↗

	Six months to 30 June 2026 (unaudited) £m	Six months to 30 June 2025 (unaudited) £m	Year ended 31 Dec 2025 (audited) £m
Operating activities
Operating profit	111.5	91.3	224.9
Adjusted for
Depreciation	18.8	17.3	35.8
Amortisation of intangible assets	0.1	0.4	0.4
Share-based payments	6.5	4.3	10.8
Underlying share of net profit of equity-accounted joint ventures	0.6	(1.8)	(0.3)
Loss on disposal of interests in joint ventures held for sale	0.5	-	-
Reversal of impairment on investments in joint ventures	-	-	(1.2)
Impairment of property, plant and equipment	-	2.4	3.5
Gain on disposal of property, plant and equipment	(0.2)	(0.2)	(0.3)
Increase in shared equity loan receivables	(0.1)	-	-
Increase/(decrease) in provisions excluding exceptional building safety items	4.7	(0.2)	(16.0)
Decrease in building safety provision	(5.2)	(2.8)	(1.0)
Operating cash inflow before movements in working capital	137.2	110.7	256.6
Increase in inventories	(90.2)	(83.5)	(127.3)
Increase in contract assets	(99.6)	(78.3)	(11.2)
Decrease)/(increase) in receivables	38.1	(12.6)	(100.1)
(Decrease)/increase in contract liabilities	(30.0)	(10.5)	8.3
Increase in payables	46.7	72.3	209.3
Movements in working capital	(135.0)	(112.6)	(21.0)
Cash inflow from operations	2.2	(1.9)	235.6
Income taxes paid	(25.5)	(22.5)	(48.3)
Net cash (outflow)/inflow from operating activities	(23.3)	(24.4)	187.3
Investing activities
Interest received	8.8	8.4	15.9
Dividends from joint ventures	1.9	1.0	4.7
Proceeds on disposal of property, plant and equipment	0.4	0.8	0.5
Purchases of property, plant and equipment	(4.9)	(3.4)	(16.0)
Purchases of intangible fixed assets	-	(0.1)	(0.6)
Net proceeds on disposal of assets held for sale	6.1	-	-
Capital advances to joint ventures	(24.6)	(34.7)	(66.3)
Capital repayments from joint ventures	8.3	10.6	37.6
Net cash outflow from investing activities	(4.0)	(17.4)	(24.2)
Financing activities
Financing activities
Interest paid	(0.8)	(0.6)	(2.0)
Dividends paid	(50.6)	(42.3)	(65.8)
Repayments of lease liabilities	(15.7)	(13.2)	(28.3)
Proceeds on issue of share capital	0.2	0.1	0.2
Payments by the Trust to acquire shares in the Company	(25.4)	(14.2)	(40.7)
Proceeds on exercise of share options	6.7	9.1	12.3
Net cash outflow from financing activities	(85.6)	(61.1)	(124.3)
Net (decrease)/increase in cash and cash equivalents	(112.9)	(102.9)	38.8
Cash and cash equivalents at the beginning of the period	531.2	492.4	492.4
Cash and cash equivalents at the end of the period	418.3	389.5	531.2

Source ↗

	2025 £m	2024 £m
Revenue	5,018.6	4,546.2
Cost of sales	(4,406.6)	(4,016.3)
Gross profit	612.0	529.9
Analysed as
Adjusted gross profit	613.3	528.6
Exceptional building safety items	(1.3)	1.3
Impairment loss on contract assets	(2.5)	(21.0)
Administrative expenses	(391.3)	(360.0)
Share of net profit of joint ventures	1.2	3.2
Other operating income	5.5	9.9
Operating profit	224.9	162.0
Analysed as
Adjusted operating profit	225.7	162.6
Exceptional building safety items	(0.4)	(0.1)
Amortisation of intangible assets	(0.4)	(0.5)
Finance income	15.6	18.2
Finance expense	(8.7)	(8.3)
Profit before tax	231.8	171.9
Analysed as
Adjusted profit before tax	232.6	172.5
Exceptional building safety items	(0.4)	(0.1)
Amortisation of intangible assets	(0.4)	(0.5)
Tax	(56.9)	(40.2)
Profit for the year	174.9	131.7
Attributable to
Owners of the Company	174.9	131.7
Earnings per share
Basic	372.1p	281.4p
Diluted	354.8p	271.5p

Source ↗

	2025 £m	2024 £m
Assets
Goodwill and other intangible assets	218.3	218.1
Property, plant and equipment	102.2	95.1
Investment property	-	0.6
Investments in joint ventures	132.7	111.9
Deferred tax asset	4.2	-
Non-current assets	457.4	425.7
Inventories	603.3	476.0
Contract assets	235.8	224.6
Trade and other receivables	553.4	453.5
Current tax receivables	1.3	6.6
Cash and cash equivalents	590.5	544.2
Assets held for sale	6.6	-
Current assets	1,990.9	1,704.9
Total assets	2,448.3	2,130.6
Liabilities
Contract liabilities	(118.7)	(110.4)
Trade and other payables	(1,343.6)	(1,130.3)
Lease liabilities	(24.8)	(22.6)
Borrowings	(59.3)	(51.8)
Provisions	(71.7)	(85.1)
Current liabilities	(1,618.1)	(1,400.2)
Net current assets	372.8	304.7
Trade and other payables	(14.9)	(16.6)
Lease liabilities	(48.8)	(44.1)
Deferred tax liabilities	-	(2.1)
Provisions	(17.7)	(20.4)
Non-current liabilities	(81.4)	(83.2)
Total liabilities	(1,699.5)	(1,483.4)
Net assets	748.8	647.2
Equity
Share capital	2.4	2.4
Share premium account	65.9	65.7
Other reserves	1.2	0.9
Retained earnings	679.3	578.2
Equity attributable to owners of the Company	748.8	647.2
Total equity	748.8	647.2

Source ↗

	2025 £m	2024 £m
Operating activities
Operating profit	224.9	162.0
Adjusted for
Exceptional building safety items	(1.0)	2.1
Amortisation of intangible assets	0.4	0.5
Underlying share of net profit of equity-accounted joint ventures	(0.3)	(4.6)
Depreciation	35.8	33.1
Impairment of property, plant and equipment	3.5	-
Share-based payments	10.8	10.5
Gain on disposal of property, plant and equipment	(0.3)	(0.7)
Reversal of impairment on investments in joint ventures	(1.2)	(5.1)
(Decrease)/increase in provisions excluding exceptional building safety items	(16.0)	8.7
Operating cash inflow before movements in working capital	256.6	206.5
Increase in inventories	(127.3)	(131.3)
(Increase)/decrease in contract assets	(11.2)	46.0
(Increase)/decrease in receivables	(100.1)	7.8
Increase in contract liabilities	8.3	14.6
Increase in payables	209.3	29.1
Movements in working capital	(21.0)	(33.8)
Cash inflow from operations	235.6	172.7
Income taxes paid	(48.3)	(43.9)
Net cash inflow from operating activities	187.3	128.8
Investing activities
Interest received	15.9	18.0
Dividends from joint ventures	4.7	4.2
Proceeds on disposal of property, plant and equipment	0.5	1.9
Purchases of property, plant and equipment	(16.0)	(18.2)
Purchases of intangible fixed assets	(0.6)	-
Capital advances to joint ventures	(66.3)	(29.1)
Capital repayments from joint ventures	37.6	27.9
Net cash (outflow)/inflow from investing activities	(24.2)	4.7
Financing activities
Interest paid	(2.0)	(1.9)
Dividends paid	(65.8)	(56.1)
Repayments of lease liabilities	(28.3)	(25.8)
Proceeds on issue of share capital	0.2	9.7
Payments by the Trust to acquire shares in the Company	(40.7)	(47.2)
Proceeds on exercise of share options	12.3	19.5
Net cash outflow from financing activities	(124.3)	(101.8)
Net increase in cash and cash equivalents	38.8	31.7
Cash and cash equivalents at the beginning of the year	492.4	460.7
Cash and cash equivalents at the end of the year	531.2	492.4

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	5,211.1	5,018.6	4,546.2
Gross profit	644.8	612.0	529.9
Adjusted operating profit	245.4	225.7	162.6
Operating profit	245.1	224.9	162.0
Depreciation (owned assets)	37.3	35.8	–
Amortisation	0.1	0.4	0.5
Share-based payments	13.0	10.8	10.5
Operating profit to net income
Finance costs	(8.8)	(8.7)	(8.3)
Profit before tax	252.5	231.8	171.9
Tax	(63.5)	(56.9)	(40.2)
Net income (owners)	189.0	174.9	131.7
Per share
EPS basic	402.5p	372.1p	281.4p
EPS diluted	382.9p	354.8p	271.5p
Dividend per share	163.0p	158.0p	131.5p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	2,562.0	+8%	2,649.1	2,369.5
Gross profit	308.0	+12%	336.8	275.2
Adjusted operating profit	111.5	+21%	133.9	91.8
Operating profit	111.5	+22%	133.6	91.3
Depreciation (owned assets)	18.8	+9%	18.5	17.3
Amortisation	0.1	−75%	0.0	0.4
Share-based payments	6.5	+51%	6.5	4.3
Operating profit to net income
Finance costs	(4.1)	+2%	(4.7)	(4.0)
Profit before tax	116.1	+22%	136.4	95.4
Tax	(29.0)	+29%	(34.5)	(22.4)
Net income (owners)	87.1	+19%	101.9	73.0
Per share
EPS basic	186.1p	–	216.4p	155.7p
EPS diluted	177.4p	–	205.5p	149.3p
Dividend per share	55.0p	–	108.0p	50.0p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	188.4	187.3	128.8
Interest paid	(2.2)	(2.0)	(1.9)
Tax paid	(51.3)	(48.3)	(43.9)
Investing activities
Capex (PP&E)	(17.5)	(16.0)	(18.2)
Capex (intangibles)	(0.5)	(0.6)	0.0
Financing activities
Lease principal paid	(30.8)	(28.3)	(25.8)
Dividends paid	(74.1)	(65.8)	(56.1)
Share buybacks	(51.9)	(40.7)	(47.2)
Shares issued	0.3	0.2	9.7

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	(23.3)	n/m	211.7	(24.4)
Interest paid	(0.8)	+33%	(1.4)	(0.6)
Tax paid	(25.5)	+13%	(25.8)	(22.5)
Investing activities
Capex (PP&E)	(4.9)	+44%	(12.6)	(3.4)
Capex (intangibles)	0.0	n/m	(0.5)	(0.1)
Financing activities
Lease principal paid	(15.7)	+19%	(15.1)	(13.2)
Dividends paid	(50.6)	+20%	(23.5)	(42.3)
Share buybacks	(25.4)	+79%	(26.5)	(14.2)
Shares issued	0.2	+100%	0.1	0.1

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	–	218.3	218.1
Property, plant & equipment	96.3	102.2	95.1
Investment property	0.0	0.0	0.6
Associates & JVs	146.5	132.7	111.9
Non-current assets	465.2	457.4	425.7
Current assets
Inventories	693.5	603.3	476.0
Trade receivables	514.9	553.4	453.5
Cash	491.6	590.5	544.2
Current assets	2,035.5	1,990.9	1,704.9
Total assets	2,500.7	2,448.3	2,130.6
Current liabilities
Trade payables	1,396.7	1,343.6	1,130.3
Borrowings, current	73.3	59.3	51.8
Lease liabilities, current	24.2	24.8	22.6
Current liabilities	1,653.6	1,618.1	1,400.2
Non-current liabilities
Lease liabilities, non-current	44.0	48.8	44.1
Non-current liabilities	73.8	81.4	83.2
Total liabilities	1,727.4	1,699.5	1,483.4
Equity
Total equity	773.3	748.8	647.2
Net cash and other figures
Net cash / (debt) ex leases	418.3	531.2	492.4
Treasury shares	1.3m	1.4m	–
Undrawn facilities	180.0	180.0	180.0
Order book	12,234.0	11,972.0	11,419.0

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Other intangibles	–	218.3	–	218.1
Property, plant & equipment	96.3	102.2	93.9	95.1
Investment property	0.0	0.0	0.6	0.6
Associates & JVs	146.5	132.7	136.7	111.9
Non-current assets	465.2	457.4	449.0	425.7
Current assets
Inventories	693.5	603.3	559.5	476.0
Trade receivables	514.9	553.4	465.5	453.5
Cash	491.6	590.5	465.8	544.2
Current assets	2,035.5	1,990.9	1,800.4	1,704.9
Total assets	2,500.7	2,448.3	2,249.4	2,130.6
Current liabilities
Trade payables	1,396.7	1,343.6	1,208.6	1,130.3
Borrowings, current	73.3	59.3	76.3	51.8
Lease liabilities, current	24.2	24.8	22.5	22.6
Current liabilities	1,653.6	1,618.1	1,486.4	1,400.2
Non-current liabilities
Lease liabilities, non-current	44.0	48.8	48.7	44.1
Non-current liabilities	73.8	81.4	85.7	83.2
Total liabilities	1,727.4	1,699.5	1,572.1	1,483.4
Equity
Total equity	773.3	748.8	677.3	647.2
Net cash and other figures
Net cash / (debt) ex leases	418.3	531.2	–	492.4
Treasury shares	1.3m	1.4m	1.0m	–
Undrawn facilities	180.0	180.0	–	180.0
Order book	12,234.0	11,972.0	–	11,419.0

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