Report

Confidence restored, earnings growth ahead

Morgan Sindall (MGNS) met its optimistic update statements by reporting strong earnings and cash last year; operating profit grew 26% and year-end net cash was over £209m, with average daily cash of £25m. The company delivered EPS of 84.7p, well ahead of consensus estimates, which were around 78p. The company has set medium-term targets which, if achieved, could see EPS approach 150p, on a three-year view. That is based on £100m of operating profit versus £48.4m in 2016. The company states that the 2017 outturn will be higher than existing expectations.
Underlying
Morgan Sindall Group

Morgan Sindall Group operates through six divisions: construction and infrastructure, which provides construction and infrastructure design and build services; fit out, which focuses on fit out and refurbishment projects; property services, which provides asset management and responsive maintenance to social housing and public sector; partnership housing, which focuses on mixed-tenure developments, building and developing homes for open market sale and affordable rent and refurbishment; urban regeneration, which focuses on the delivery of new mixed-use regeneration; and investments, which creates partnerships to develop under-utilised property assets.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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