Highlights

  • Morgan Sindall entered 2026 with a secured orderbook and preferred bidder pipeline up 17% year-on-year to GBP 19.1 billion.
  • Fit Out division profits for 2026 are projected to exceed the top end of the GBP 80–100 million medium-term target range.
  • The Group expects its 2026 performance to be ahead of previous expectations following a record 2025 outcome.

Morgan Sindall Group PLC (LSE:MGNS) moved higher in London trading and Investec Bank (UK) plc issued a Buy rating with a target price of GBX 5,430. The analyst action follows the company’s trading update for 2025 and upgraded outlook for 2026. Shares were trading at GBX 5,270.00 on 12 February at 11:06 am, up 4.36% on the day.

Record 2025 Performance

Morgan Sindall confirmed that all divisions performed well during 2025, with the Group on track to deliver results in line with market expectations. The company described 2025 as a record year, marking continued operational progress across multiple sectors.

The Group operates across Partnerships, Fit Out and Construction Services, serving public and private sector clients. Strategic activity during the year included expansion across its project portfolio and sector coverage.

Full-year audited results for the financial year ending 31 December 2025 are scheduled for release on 25 February 2026.

Orderbook Expansion and Increased Visibility

A central feature of the trading update was the rise in secured workload. The Group entered 2026 with a record secured orderbook and work at preferred bidder stage totalling GBP 19.1 billion, representing a 17% increase compared with the prior year.

Since the beginning of the year, the company has seen higher confidence levels regarding the conversion of preferred bidder projects and upcoming tender opportunities, particularly within the Fit Out division. This has improved forward visibility for the remainder of 2026.

Other divisions across the Group are expected to perform in line with previous guidance.

Fit Out Division Drives 2026 Outlook

The Fit Out business is expected to deliver profits in 2026 significantly above earlier expectations and above the upper end of its GBP 80–100 million medium-term target range. This projected performance is contributing to the Group’s upgraded outlook for the year.

Morgan Sindall stated that the improved forecast for the Fit Out division underpins expectations for overall Group performance in 2026 to exceed prior projections.

Investec Bank (UK) plc’s Buy rating and GBX 5,430 price target come as Morgan Sindall signals that 2026 performance is set to surpass earlier expectations. With a GBP 19.1 billion secured orderbook, upgraded Fit Out profit projections, and record 2025 trading, the Group enters the new financial year with expanded project visibility and defined growth targets.

Frequently Asked Questions (F&Q)

  1. What is Investec’s target price for Morgan Sindall?
    Investec Bank (UK) plc has set a target price of GBX 5,430 and issued a Buy rating.
  2. What is Morgan Sindall’s secured orderbook for 2026?
    The Group entered 2026 with a secured orderbook and preferred bidder pipeline totalling GBP 19.1 billion, up 17% year-on-year.
  3. Why has the 2026 outlook been upgraded?
    The upgrade is driven mainly by the Fit Out division, where profits are expected to exceed the GBP 80–100 million medium-term target range.