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% to £232.6m
Over the last year Morgan Sindall Group achieved significant growth in adjusted profit before tax, up 35% to £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 £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.
You can hear more about the Group’s overall position through the video below:
With a focus on Infrastructure
Following our strong work-winning successes over the last two years, Infrastructure’s trading performance over the full year for both revenue and profits reflected the high proportion of projects at the early contractor involvement stage from those recently awarded large frameworks, while still ensuring it maintained high-quality operational delivery across its existing contract portfolio. Revenue decreased by 11% to £935m (FY 2024: £1,047m) with operating profit declining marginally by 3% to £37.2m
(FY 2024: £38.5m), while its operating margin expanded by 30 basis points to 4.0% (FY 2024: 3.7%),
in the middle of its targeted range for its operating margin of 3.75% – 4.25%.
Our order book of £1,890m remained in line with the prior year (FY 2024: £1,883m) and continues to remain long-term in nature, with a further £657m at preferred bidder stage; noting that around 98% of its orderbook is derived through frameworks. We continue to remain focused and well-positioned to deliver long-term sustainable infrastructure solutions for our customers. The areas in which we operate have significant long-term committed investment programmes in place, largely driven by government and regulatory objectives.
Simon Smith, managing director, Morgan Sindall Infrastructure, commented on the 2025 annual results:
It is great to celebrate another year of strong results for Morgan Sindall Infrastructure.
“Over the last few years, we have been able to triple our line of sight. With this, we had forecast that we would see a higher percentage of projects in early contractor involvement (ECI) and planning in 2025. As we move into 2026 and beyond, our £1.9bn secured orderbook and £0.7bn of preferred bidder status put Infrastructure in an even stronger position.
“As usual, our success, growth and development are because of our teams up and down the country, our extensive network of supply chain partners and customers. A big thank you goes to all.
Our 2025 highlights
Energy
We saw significant growth in the energy sector during the year. Awards included a position on National Grid’s new £8bn Electricity Transmission Partnership to deliver vital substation work in the North West region; and construction works on the Tilbury to Grain project as part of National Grid’s Great Grid Partnership to upgrade electricity infrastructure.
Additionally, Infrastructure was appointed by SP Energy Networks as sole contractor for substation and overhead line upgrades on the Denny to Wishaw network, which will enable an additional 1,000MW of green energy to flow through Scotland’s central belt.
Project completions included the grid supply point project for SSEN at Gremista on Shetland (see below).
Nuclear
Sellafield Ltd awarded us a position as electrical distribution partner as part of its Infrastructure Delivery Partnership (IDP). The contract, which was awarded to three partners, has a 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 framework.
Rail
Our Rail teams made good progress on a number of projects, including the £22m roof replacement at Liverpool Street Station which will allow more natural light into Britain’s busiest station, and restoration works on the River Plym viaduct in Devon, both under Network Rail frameworks.
Works also progressed on upgrades to Beckton Depot and Surrey Quays station for Transport for London; and the delivery of six new stations over 18 miles of track on the Northumberland Line for Northumberland County Council which is leading the scheme in collaboration with the Department for Transport, Network Rail and Northern Trains.
Highways
Work continued 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.
Water
2025 also saw us complete work on the 16-mile West section of the Thames Tideway Tunnel, a 10-year project which has been delivered in joint venture. The tunnel as a whole is protecting the Thames by diverting 34 of the most-polluting sewage outflows and aims to reduce sewage spills into the river by 95%.
For Wessex Water, the team began work on several combined sewer overflow projects as part of the AMP8 Framework awarded in 2024, while for Welsh Water, the focus was on completing schemes under AMP7 Framework in advance of transitioning to AMP8. The year marked the 30th anniversary of Infrastructure’s collaborative relationship with Welsh Water.
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