Morgan Sindall Property Services Contributes To Parent Group Half Year Results
Morgan Sindall Property Services (MSPS) has contributed to half year results released today (4 August 2022) by parent company Morgan Sindall Group plc, the construction and regeneration group.
The Group delivered a record performance in the first half against a difficult market backdrop, with Group revenue increasing by 9% up to £1,698m (HY 2021: £1,559m), while adjusted operating profit increased 4% to £56.9m (HY 2021: £54.8m). The Group demonstrated continued balance sheet strength with net cash at the period end of £274m and has a high-quality order book with a secured workload of £8.5bn. Following our strong first half performance and with the current visibility we have of the rest of the year, we now expect to deliver a result for the full year which is slightly ahead of our previous expectations.
Alan Hayward, Morgan Sindall Property Services Managing Director, said: “We’re proud to have contributed to the Group’s results for the first half of 2022. Our focus on delivering integrated projects to the highest quality and standards and our focus on customer experience has given us a strong first half, along with a secured order book up 31% compared to last year.
“Our half year results reflect the continued hard work and commitment of the team, with revenue up 10% to £76m (HY 2022: £69m) with an order book of £1,279m.”
Key Highlights
Client Growth
MSPS’s focus on state-of-the-art technology providing real time customer updates whilst using data to continuously improve our offering for customers, resulted in three contract wins worth £400m.
- In February, MSPS was awarded a new £11 million per annum contract with Welwyn Hatfield Borough Council for the repair and maintenance, out of hours services, void and planned works of its 9,500 council-owned properties. The contract will officially start in October
- In April, MSPS launched a £200m contract with Moat, providing responsive repairs, out-of-hours services and void works to 11,500 of Moat 20,000 homes across south east London, Kent, Essex and Sussex
- In April, MSPS was awarded a new five-year contract with Longhurst Group, to deliver property repairs and void services for their east region. The contract, worth over £80m, started in July
Leaving a Lasting Legacy in Our Communities
- HACT, the charity organisation which supports organisations to measure social value, has certified that our social value team have achieved over £3 million in social return across all our contracts from April 2021- March 2022. This certification demonstrates the social value team’s ability to report accurately and demonstrate our impact within our communities
Decarbonising Homes
- Launch of Carbon Zero, a dynamic new software solution designed to support the social housing sector in achieving net zero targets
- By collating and analysing data from sources such as surveys and maintenance programmes, the Carbon Zero platform offers social housing landlords an in-depth understanding of the carbon impact of their properties and the steps that can be taken to reduce it
Leading Change in the Industry
- Anneka Gill, Head of Transformation at Morgan Sindall Property Services was awarded Professional of the Year, at the Women in Housing Awards in June
- Anneka spearheaded the first domestic abuse contractor’s accreditation in conjunction with the Domestic Abuse Housing Alliance (DAHA), training operatives to spot the signs of domestic abuse, a first for the industry
Protecting Our Most Vulnerable
- MSPS have pledged their support to the Chartered Institute of Housing (CIH) Homeful campaign by funding a research assistant to join the Homeful project team. The role will be integral in delivering insight on the issue of homelessness and how it can be addressed in the UK
- Continuing our pledge to tackling domestic abuse, MSPS launched the Phoenix Programme, a pilot programme to support female survivors of domestic abuse rebuild confidence and develop skills to gain sustainable employment
Creating an Inclusive Workplace
- To highlight the importance of developing an approach to mental health at work, MSPS signed the Mental Health at Work Commitment, demonstrating our ambition to develop a workplace environment and culture where all employees can thrive
ENDS
Notes to editors
For more information, please contact Communications@morgansindall.com
