News 4th August 2022

Overbury’s strong half year performance contributes to Morgan Sindall Group plc’s half year results

Overbury’s contribution to parent group results continues to cement its reputation as a leading fit out provider for occupiers and landlords in the commercial office, education, life sciences and public sector markets.

As part of the Morgan Sindall Group plc, national fit out and refurbishment specialist Overbury goes from strength to strength with an excellent performance in its contribution to the Group's 2022 half year results.

John Morgan, chief executive, Morgan Sindall Group plc states, "The Group delivered a record performance in the first half against a difficult market backdrop, with Group revenue increasing by 9% up to £1,698m (HY 2021: £1,559m), while adjusted operating profit increased 4% to £56.9m (HY 2021: £54.8m). The Group demonstrated continued balance sheet strength with net cash at the period end of £274m and has a high-quality order book with a secured workload of £8.5bn. 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."

Chris Booth, managing director of Overbury said, “Our strong 2022 half year results are a testament to our commitment to delivering exceptional service and high quality fit out projects for the UK’s leading businesses. I’d like to thank our clients, staff, supply chain and delivery partners for helping make this another successful half year.”

Significant projects won since February 2022 include: the 57,000 sq ft CAT B fit out for InterContinental Hotel Group (IHG) in Windsor and the fit out of CBRE Investment Management’s offices in London. In the regions, significant wins in the period include projects for: the BBC in Newcastle; the Cambridge Design Partnership in Cambridge and the Nottingham Central Library for Nottingham City Council.

In the education sector, significant projects won during the period include: three projects for University College London, totalling £35m, the £8m fit out and refurbishment of Middlesex University’s West Stand at StoneX Stadium and the fit out of the School of Health at Leeds Beckett University.

Under frameworks and corporate partnerships, projects include £25m of works carried out for The Mayor’s Office for Policing and Crime (MOPAC) (with a future order book of £33.2m), a fit out of 60,000 sq ft for the University of Leicester via the Pagabo framework and 19 projects won under our corporate partnership for NatWest Group.