Half Year Results 2026
Morgan Sindall Group delivered another record half year result, achieving significant growth in adjusted profit before tax, up 21%. Our performance continues to reinforce our track record of delivering strong revenue and growth in profits leading to robust cash generation, enabling continued investment in our Partnership businesses while also supporting strong dividend growth.
The Group delivered another robust performance in the first half of 2026, with significant contributions from both the Fit Out and Construction divisions. Group revenue increased by 8% up to £2,562m, while adjusted operating profit increased by 21% to £111.5m. Adjusted operating margin was 4.4%, 50 basis points higher than the prior period.
Over the period, Infrastructure has continued with the deployment of a number of planning and design activities for large frameworks, while also maintaining a high-quality of operational delivery across the business; operating profits were marginally behind the prior period at £18.3m, while our operating margin expanded by 10 basis points to 3.9% (HY 2025: 3.8%). For the full year, our operating margin is expected to be at top end of its target range, while revenues are expected to progress towards c£1bn, unchanged from previous guidance.
Morgan Sindall Infrastructure’s key figures – HY 2025
Revenue: £468m
Operating profit: £18.3m
Order book: £1,927m
*Results incorporate BakerHicks.
Commenting on Morgan Sindall Infrastructure’s performance, Simon Smith added:
The half year marks another strong period for Morgan Sindall Infrastructure. This performance is testament to the projects we’re delivering every day, and to the brilliant people working across our business. A big thank you to all our employees, supply chain partners and customers.
“As we move through the remainder of 2026, several projects will continue through early contractor involvement, with a large percentage of mobilisation for delivery expected throughout 2027 and 2028.
Nuclear
We commenced mobilisation works for the Sellafield Infrastructure Delivery Partnership (IDP); the contract, which was awarded to three partners in 2025, has a total value of £2.9bn across its lifecycle, with an initial nine-year term and an option to extend for a further six years. Decommissioning works for Sellafield continued during the year as part of the Infrastructure Strategic Alliance and the £1.6bn Programme and Project Partners contract. Work also progressed at Clyde in Scotland under the Defence Infrastructure Organisation (DIO) framework.
Energy
The team moved into early contractor engagement and delivery on several schemes in National Grid’s £8bn Electricity Transmission Partnership (ETP) to deliver vital substation work in the North West region. Also, for National Grid, construction works commenced on the Tilbury to Grain project as part of National Grid’s Great Grid Partnership. Early works are commencing on Scottish Power Energy Networks’ substation and overhead line upgrades on the Denny to Wishaw network. Several overhead line schemes have been completed this year, along with significant progress on the Dinorwig recabling project.
Rail
During the period, the Rail team commenced four Access for All (AFA) schemes for Transport for Greater Manchester (TfGM). Elsewhere, the team successfully delivered the final two stations along the Northumberland Line, completing the six-station project, with passenger numbers exceeding expectations and a positive community impact. For Network Rail, works are nearing completion at the Liverpool Street Station project. For Transport for London (TfL), works continue at Beckton and Surrey Quays.
Water
For Wessex Water, the team began work on several combined sewer overflow projects as part of the AMP8 Framework. For Welsh Water, the framework continues to transition to the AMP8 framework.
Aviation
In Aviation, works commenced at Gatwick Airport as part of the Building and Civils Frameworks. The framework is valued at c.£270m in total, with project values ranging from £3m to £20m, and is expected to run for four years, with an option, subject to scope, to extend by a further two years.
Highways
Works were completed on the £87m M27 project as part of National Highways’ Concrete Roads Programme to repair or replace the concrete surface of motorways and major A roads in England.
Related Posts
“Bright futures ahead”: Skills Minister praises impact of Festival of Work and UTC partnership
Baroness Smith of Malvern met key stakeholders and secondary school students at the major careers fair organised by All Together Cumbria, before taking part in a special summit focused on tackling the number of young people not…
STEM learning boost and new all‑weather sports facility set to support wellbeing for Blackford pupils and community
Morgan Sindall Infrastructure is helping to fund a new Multi‑Use Games Area (MUGA) for Blackford Primary School, building on the success of a recent STEM (science, technology, engineering and maths)…
Morgan Sindall Group annual results 2025
With strong and robust earnings growth, the Group delivered a strong performance in 2025, with Group revenue increasing by 10% to over £5bn, while adjusted Operating Profit increased by 39%…