Overbury’s strong half year performance fuels parent company results

Morgan Sindall Group delivered a record performance in the first half of 2023, driven mainly by a strong performance from the Fit Out division. Group revenue increased by 14% up to £1,935m while adjusted profit before tax increased 10% to £59.8m. In addition, the Group’s balance sheet remains strong, with net cash at the period end of £263m.

The positive momentum across the Group is driven by a high-quality and substantial order book of £9.1bn, up 7% on the year-end position, and which spans a number of sectors across the built environment.

Overbury takes pride in making a positive contribution to the parent company, Morgan Sindall Group's, better-than-expected half year performance. Overbury’s sustained momentum has been driven by businesses continuing to focus on upgrading and fitting out their office space to create best-in-class, sustainably focused work environments for staff.

Chris Booth, Overbury’s managing director says, “Our clients continue to place enormous value on high quality office space that gives them a competitive advantage in attracting and retaining the best talent. The partnership we share with our consultant partners and clients is paramount and at the heart of everything we do at Overbury. Our teams' reliability and dedication to high quality projects, backed by an expert supply chain, ensures the projects we deliver inspire success.”

Fit out project highlights from the half year include:

Projects completed or continuing onsite during the period include 360,000 sq ft for Marsh McLennan in London; 250,000 sq ft for the relocation of a confidential global financial organisation to Paddington; 150,000 sq ft HQ for GSK in London’s Life Sciences hub, known as the Knowledge Quarter; 110,000 sq ft for a professional services firm in London; and 80,700 sq ft for ROKU Europe in Manchester.

Projects won in the period include the 750,000 sq ft fit out for a global wealth management and investment firm; 225,000 sq ft fit out for LandSec at New Street Square in London; a 109,000 sq ft fit out for Aviva at 80 Fenchurch Street; 82,000 sq ft fit out for technology company in London; 41,000 sq ft fit out for a law firm on Bishopsgate in London; 12,500 sq ft for a specialist insurer and re-insurer on Bishopsgate in London; 16,000 sq ft fit out for Swiss Life Asset Managers UK in Birmingham; a 10,000 sq ft fit out for Rolls-Royce at Kings Place in London; 10,750 sq ft for telecommunications company CIENA in Shoreditch; and 5,000 sq ft at Fred Perry House for landlord Stockport Council and occupier Ministry of Justice.

In higher education and the life science sector, projects won during the period include four projects for Anglia Ruskin University totalling 685,000 sq ft; 54,000 sq ft for London School of Economics and Political Science, 16,000 sq ft for Loughborough University; two projects for the University of Portsmouth to refurbish 14,000 sq ft within the Medical Education Centre and Photography Suite (*SCAPE procured). Completed projects during the period include the 25,000 sq ft for Coventry University that included a laboratory refurbishment; 20,000 sq ft laboratory fit out of the Anatomy and Clinical Skills department at the University of Warwick; and 19,000 sq ft fit out of a laboratory and workspace at Queen Mary University’s Francis Bancroft building. Work continued on three projects for University College London totalling £40m.

Projects won under frameworks and corporate partnerships include two projects through the Procure Partnerships Framework, most significantly the relocation of the General Pharmaceutical Council (GPhC) in London; five SCAPE* procured projects totalling 90,556 sq ft and 19 projects won through Fit Out’s partnership with NatWest Group.