Construction firm builds its profits with city schemes

THE construction giant regenerating Plymouth’s city centre expects to make even more money than it previously predicted - after banking a £95.5m profit in just six months.

- By WILLIAM TELFORD

Morgan Sindall Group Plc announced the huge surplus in July and has said it expects to make even more cash when it reveals its 2025 financial results early next year.

The company today told investors that its financial performance is “significantly ahead of previous expectations”. The London headquartered group, which has Plymouth offices near the A38 at Longbridge Road, anticipates its full year results for 2025 will have been boosted by the continued strengthening of its fit out division where profits are expected to “significantly exceed” previous expectations.

The division’s secured order book, at the end of August, was £1.6bn, of which £900m relates to 2026 and beyond. Meanwhile the construction and infrastructure divisions remain on track to deliver profits and are supported by a “high-quality growing orderbooks”.

The company’s construction subsidiary has been overseeing four Plymouth city centre regeneration schemes which in total are costing more than £58m. It has been tasked with the revamps of Civic Square, Old Town Street/New George Street, Armada Way and Royal Parade.

Morgan Sindall’s housing and property services divisions are also expected to be in profit, leaving only its mixed-use division, building commercial and residential properties together, expected to make a loss. Overall, the company has a secured order book of £12.2bn worth of work, 2% ahead of the half year and 7% up on the position at the end of 2024.