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R Egeneration C Onstruction Regeneration Annual Report 2016 Construction About us Morgan Sindall Group is a leading UK construction and regeneration group. We offer support at every stage of a project’s life cycle through our six divisions of Construction & Infrastructure, Fit Out, Property Services, Partnership Housing, Urban Regeneration and Investments. Construction Regeneration Our services include design, We work in close new build construction, partnership with land infrastructure works, owners, local authorities refurbishment and property and housing associations maintenance in the commercial to regenerate cities with and public sectors. Our multi-phased, mixed-use construction teams work developments. New housing, on projects of all sizes community buildings, shops, and complexity, either leisure facilities and public standalone or through spaces help stimulate local framework agreements economies and provide and strategic alliances. long-term social benefits. FRONT COVER: The Word, a new state-of-the-art Revenue Revenue cultural centre in South Shields containing a library, exhibition space, gaming area, ‘FabLab’ with 3D printers, IT suite, café £ 2.0bn £ 0.6bn and rooftop space. Delivered by Urban Regeneration in partnership 2015: £1.9bn 2015: £0.5bn with South Tyneside Council. Find out more about the Our activities touch the lives of a wide range of stakeholders. We have therefore Group from our website decided to embark on a new approach to our annual report, integrating financial at morgansindall.com. and non-financial reporting within our operating review. At a glance The Group is structured around our two distinct but complementary activities, construction and regeneration. Construction & Infrastructure page 22 Fit Out page 26 Property Services page 30 Partnership Housing page 32 Construction Fit Out Property Partnership Urban & Infrastructure Services Housing Regeneration Revenue Revenue Revenue Revenue Revenue £ 1,321m £ 634m £ 55m £ 433m £ 156m 2015: £1,232m 2015: £607m 2015: £60m 2015: £366m 2015: £110m Operating profit – adjusted* Operating profit – adjusted* Operating profit – adjusted* Operating profit – adjusted* Operating profit – adjusted* Regeneration £ 8.9m £ 27.5 m £ 0.7m £ 13.4m £ 13.4m 2015: £3.8m 2015: £24.0m 2015: (£1.0m) 2015: £9.6m 2015: £12.9m Provides specialist construction Overbury specialises in fit out and Provides strategic asset Specialises in the delivery of mixed- Works with landowners and public and infrastructure design and build refurbishment projects, operating management and responsive, tenure regeneration partnership sector partners to unlock value from services on projects, frameworks through multiple procurement planned and cyclical maintenance housing schemes, design and under-developed assets and bring and strategic alliances of all sizes. routes. Morgan Lovell’s expertise is to social housing providers; build of new homes and planned about sustainable regeneration and Alongside its tunnelling design in office design and build, providing facilities management services maintenance and refurbishment. urban renewal through the delivery capability is the newly-named an end-to-end service which to public buildings; and claims of new mixed-use developments. End markets BakerHicks which offers includes workplace consulting and reinstatement repairs Include social housing, housing End markets multidisciplinary design and and furniture solutions. for insurance providers. associations, local authorities Include residential, commercial, engineering consultancy services. End markets End markets and open market housing. retail and leisure. End markets Include commercial offices, higher Include social housing, Responsible business Responsible business Include education, highways, rail, education and retail banking. local authorities and Committed to forming strong customer Develops schemes that breathe new aviation, energy, water, nuclear, insurance companies. Responsible business relationships, working in partnerships to life into towns and cities by improving commercial, defence, healthcare, Empowers employees to Responsible business provide sustainable residential communities the environment and creating vibrant industrial, leisure and retail. take responsibility for reducing A socially responsible business and promote local employment. business and leisure destinations Responsible business environmental impacts on sites with a focus on creating social, that generate jobs and benefit Working closely with its supply and in offices. Actively engages economic and sustainable local communities. chain, committed to delivering with its supply chain to ensure benefits for the communities in social, environmental and economic environmental considerations which it works, such as offering improvements in education, health are at the heart of every project. local employment opportunities and public infrastructure to benefit and using local suppliers. the diverse communities in which it operates. Construction Operations Operations Operation Operation Operation * Adjusted is defined as before intangible amortisation of £1.4m, and (in the case of Investments earnings per share) deferred tax credit due to changes in the statutory tax rate of £0.7m (2015: exceptional operating items of £46.9m, Operating profit – adjusted* Investments’ rationale is to secure long-term construction and End markets Operations intangible amortisation of regeneration opportunities for other divisions. Creates long-term Education, healthcare and social care, £2.2m and (in the case of earnings per share) deferred (£ 2.0m) strategic partnerships to realise the potential of under-utilised residential, student accommodation, tax credit due to changes assets of both public and private sector clients; promotes sustained leisure and infrastructure, through in the statutory tax rate of £1.7m).The following strategic 2015: (£1.5m) economic growth through regeneration; and drives cost efficiencies partnerships with local authorities report is given on an adjusted through innovative and integrated estate management solutions. and other public sector organisations. basis, unless otherwise stated. Contents Strategic report At a glance IFC Chairman’s statement 2 Market overview 4 Business model 6 Chief Executive’s statement 12 Strategic framework 14 Key performance indicators 16 Financial review 18 Operating review 21 People 42 Urban Regeneration page 36 Investments page 40 Environment 45 Principal risks 46 Governance Board of directors 60 Group management team 62 Corporate governance report 64 Directors’ remuneration report 80 Directors’ report 98 Directors’ responsibilities statement 102 Financial statements Independent auditor’s report 104 Consolidated financial statements 111 Company financial statements 140 Shareholder information 146 Highlights Strategic Financial Operational Secured order book grew by 29% Group adjusted* profit before tax Reduction in accident frequency rate1 up 32% to £45.3m Regeneration and development Increase in gross margin (adjusted*), pipeline grew by 2% Significant increase in cash, with reflecting the higher quality of work closing net cash of £209m (2015: £58m) secured as well as improved Significant investment of capital into and daily average net cash of £25m operational delivery regeneration schemes to deliver (2015: average net debt of £53m) longer-term profitability Reduction in carbon intensity of 17% Adjusted earnings per share up 34% The UK demand for affordable housing, to 84.7p 13% more graduates and urban regeneration and infrastructure apprentices recruited is expected to generate increasing Total dividend up 21% to 35.0p per share opportunities in the medium to long term Order book Profit before tax (adjusted*) Accident frequency rate £ 3.6bn £ 45.3m 0.14 2015: £2.8bn 2015: £34.3m 2015: 0.17 Regeneration and Profit/(loss) before tax Gross margin development pipeline (reported) (adjusted*) £ 3.2bn £ 43.9m 9.5 % 2015: £3.2bn 2015: (£14.8m) 2015: 8.9% 1 The number of RIDDOR reportable accidents multiplied by 100,000 and divided by the number of hours worked. MORGAN SINDALL GROUP PLC ANNUAL REPORT 2016 ——— 1 Strategic report Chairman’s statement This is my first statement since becoming chairman last October and I am pleased to report that the Group produced a strong performance in 2016 across all our divisions. We have a clear strategy in place for the Group, which is being successfully implemented. I have spent my first few months gaining Performance an in-depth understanding of the Group 2016 has been a year of positive and its divisions, visiting a wide variety growth for the Group, with strategic of projects on site and meeting with and operational progress being made the senior management teams. I have across all divisions. Revenue for the year found a real sense of energy and pride was up 7% at £2,562m (2015: £2,385m), in our people as well as a clear focus with adjusted profit before tax up on making this Group a success. Our 32% to £45.3m (2015: £34.3m). work provided new housing, revitalised The cash performance of the Group schools, universities and workplaces, has also been strong. This reflected improved transport and enhanced our concerted focus on working capital urban communities. management as well as a significant Over the coming months, I will support number of completions of regeneration our executive directors in delivering schemes in Partnership Housing in the our strategic objectives, continuing latter part of the year. our people development agenda and ensuring we remain focused Values and
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