In the year to 31st December 2025 Morgan Sindall Group made a profit before tax of 拢231.8m (2024: 拢171.9m) on revenue up 10% to 拢5,019m (2024: 拢4,546m).
Star performer among the group was the fit-out business, which delivered an operating profit up 41% to 拢139.9m (2024: 拢99.0m) on revenue up 37% to 拢1,784m (2024: 拢1,300m) with an operating margin of 7.8% (2024: 7.6%).
Morgan Sindall Construction grew operating profit by 20% to 拢37.0m (2024: 拢30.9m) with revenue up 11% to 拢1,159m (2024: 拢1,044m), delivering an operating margin of 3.2.
Infrastructure operating profit was marginally down by 3% to 拢37.2m (2024: 拢38.5m) and revenue down 11% to 拢935m (2024: 拢1,047m) on account of a lot of early planning and design activities for recently-awarded large frameworks.
Partnership Housing increased operating profit by 16% to 拢42.0m (2024: 拢36.1m) on revenue up 5% to 拢903m (2024: 拢861m).
Group chief executive John Morgan said "Over the last year we achieved significant growth in adjusted profit before tax, up 35% to 拢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 level secured orderbook and work at preferred bidder stage up 17% to 拢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.
鈥淥ur balance sheet, which is supported by a substantial average daily cash position, continues to allow us to focus on making the right decisions to drive long-term sustainable growth while also supporting strong returns to shareholders in the year, with the full year dividend increasing by 20% to 158p per share.
鈥淥ver the last 10 years we have delivered an 18% CAGR (compound annual growth rate) 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. Our performance is a result of their huge commitment, together with our deeply held core values, as they have responsibly overcome challenges and taken advantage of opportunities with pace and agility, while making their businesses even better.鈥�
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