British construction services company Morgan Sindall Group PLC (LON: MGNS) saw its shares rally as it booked impressive first half profits and boasted strong yields for its shareholders.
While revenue was flat between H1 2018 and 2019, adjusted operating profit grew 18% to £37.5 million and adjusted profit before tax jumped 20% to £36.3 million.
The state of play for investors was equally positive. Morgan Sindall declared an interim dividend of 21.0p a share, up 11% on-year. Further, adjusted earnings per share rose 15% on-year to 64.2p.
Notable divisional performances came from Partnership Housing and Urban Regeneration, up 39% and 36% respectively.
Morgan Sindall comments
Commenting on today’s results, Chief Executive, John Morgan said,
“We have had a strong first half of the year and these results underline the significant operational and strategic progress being made across the Group. Our strong balance sheet including our net cash position is a significant differentiator for us, allowing us to make the right long-term decisions for the business, which best positions us in our markets for continued sustainable growth.”
“There is much positive momentum across the Group and with our high quality, growing order book, we are excited by the opportunities ahead. Following our strong first half performance and with the current visibility we have of the rest of the year, we now expect to deliver a result for the full year which is slightly ahead of our previous expectations.”
Following the update, the Company’s shares rallied 8.11% or 90.00p to 1,200.00p a share 07/08/19 16:36 BST. Peel Hunt analysts reiterated their ‘Buy’ stance on Morgan Sindall stock. The Group’s p/e ratio stands at 7.31, their dividend yield is 4.42%.
Elsewhere in property development and estate agency news, there have been updates from; Belvoir Group PLC (AIM: BLV), Intu Properties plc (LON: INTU), LSL Property Services plc (LON: LSL) and Countryside Properties PLC (LON: CSP).