Morgan Sindall has lifted its profit guidance again on the back of a standout performance from its Overbury fit-out arm, signalling a stronger-than-expected 2025.

Since its summer half-year update, the group now anticipates full-year results will be significantly ahead of previous expectations. Overbury has led the charge, outperforming on trading and delivery and pushing its order book to £1.6bn at the end of August — up 8% on both the half-year and year-end 2024. Around £900m of that workload is already locked in for 2026 and beyond, underscoring momentum into next year.

Across the wider group, the secured workload has risen to £12.2bn, 7% higher year on year. Daily average net cash is expected to exceed £350m, beating earlier guidance of £330m and reinforcing balance sheet strength.

Partnership Housing profits are tracking in line with plan, supported by long-term regeneration programmes including 3,500 homes at Druids Heath in Birmingham and 2,500 across Cardiff and the Vale of Glamorgan. Mixed Use Partnerships remains a drag, with second-half operating losses set to nearly double the £1.5m recorded in the first half as the business continues to invest in schemes yet to break ground.

Construction and Infrastructure divisions are on course to meet targets with solid order book growth, while Property Services continues to deliver a modest profit.

With fit-out demand still robust and significant forward work secured, Morgan Sindall enters the final quarter with increased confidence and visibility across its core markets.

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