National fit out and refurbishment specialist Overbury, and leading office interior design, fit out and refurbishment specialist Morgan Lovell, have contributed to preliminary results for the year ended 31 December 2016 released today (23 February 2017) by parent company Morgan Sindall Group plc, the construction and regeneration group.
The Group’s adjusted operating profit was up 26 per cent to £48.8 million (FY 2015: £38.8 million) on revenues of £2,562 million which rose 7 per cent on the previous year (FY 2015: £2,385 million). The reported operating profit for the year was £47.4 million (FY 2015: £10.3 million loss). The Group finished the year with a significantly improved net cash position of £209 million (FY 2015: £58 million). Adjusted earnings per share were up 34 per cent on last year at 84.7p (FY 2015: 63.0p). The dividend for the year is 35.0p, a 21% increase from 2015’s 29.0p per share. The Group’s order book was also up 29% to £3.6 billion.
“2016 was another record year for our division. Overbury and Morgan Lovell’s results released today show that we have continued to gain traction in our core markets by focusing on delivering consistent and high-quality fit out, nationwide,” says Chris Booth, group managing director of Overbury and Morgan Lovell. “Looking ahead to 2017, our committed order book gives us confidence that clients will continue to entrust us with their complex projects knowing that we are professional and passionate about service delivery. We look forward to seeing the year progress and working with our peers and supply chains to deliver commercial fit outs that make our clients proud.”
Key projects for Overbury and Morgan Lovell in 2016 included:
• The redevelopment by Overbury of global accountancy firm Deloitte’s 265,000 sq ft UK headquarters in London and a fit out for Deloitte in Birmingham’s city centre at Four Brindleyplace. The London scheme is one of the first projects in the UK to target both a BREEAM Refurbishment & Fit Out (2014) Outstanding rating and a WELL Building Standard Gold certificate.
• 315,000 sq ft office fit out for Schroder Corporate Services in London, as well as further commercial space for Schroder Real Estate Investment Management in Manchester’s City Tower.
• £2.7 million fit out at the Queen Elizabeth II Centre in Westminster, an integral part of the venue’s £12 million refurbishment and the fourth consecutive year of annual works in the conference facility by Overbury.
• £2.1 million project by Overbury for the London School of Economics (LSE) in central London, transforming a historic library into a 20,000 sq ft purpose-designed academic, personal and professional development centre known as LSE Life.
• 31,000 sq ft new office by Morgan Lovell for NYK, one of the largest shipping companies in the world, in Canary Wharf, London.
• 25,000 sq ft refurbishment of the headquarters of Swiss chocolatier and confectionery company Lindt and Sprüngli UK in Feltham by Morgan Lovell.
• 21,000 sq ft fit out by Morgan Lovell for global medical technology business Smith & Nephew in Croxley Green Business Park in Watford, and an 8,000 sq ft project for Smith & Nephew in central London.
• 16,500 sq ft broadcast centre fit out by Overbury for media and entertainment group Global Radio at the XYZ building in Manchester’s Spinningfields.
Morgan Sindall’s Fit Out division also attained a number of environmental achievements in 2016 including Overbury becoming the first contractor to receive a SKA for Higher Education rating under the new RICS environmental assessment tool for sustainable fit outs. Other highlights included Overbury achieving a LEED Platinum rating for an office fit out at Hewlett Packard Enterprises in London, and Morgan Lovell’s completion of a highly sustainable and environmental office fit out for the UK Green Building Council in central London, which achieved the lowest embodied carbon footprint ever recorded for an office refurbishment in the UK.
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