Morgan Sindall trades 'substantially ahead' of pre-Covid levels in H1

Morgan Sindall posted a 14% year-on-year increase in first-half revenues to £1.55bn, while pre-tax profits surged 238% to £53.1m.

Adjusted earnings per share were up 240% at 93.1p and Morgan Sindall's interim dividend was hiked 43% to 30.0p.

When compared to 2019's pre-coronavirus first trading half, revenues were 10% higher and adjusted pre-tax profits were 46% stronger.

Net cash surged to £337.0m from £146.0m a year earlier and £114.0m in 2019, while average daily net cash "increased significantly" to £294.0m, up from £153.0m in 2020.

Chief executive John Morgan said: "We've had a very strong first half in which we've upgraded our profit guidance three times. We continue to make significant operational and strategic progress across the group. With such positive momentum across all our activities, I am excited by the opportunities ahead.

"Today's results, combined with the current visibility for the rest of the year, gives us every confidence of another strong performance by the group in the second half."

As of 0810 BST, Morgan Sindall shares were up 0.51% at 2,452.50p.