Morgan Sindall chief govt John Morgan has stated his firm is “very selective” with its work and doesn’t wish to begin taking over bigger tasks.

The publicly listed agency turned over £3.6bn in 2022 – a rise of 12 per cent on 2021 and up 72 per on 2013. It means the contractor is now the second-largest within the UK, eclipsing Kier, which earned £3.3bn in its newest monetary yr.

However Morgan (pictured), who co-founded the enterprise in 1977, instructed Building Information that he plans to stay with lower-cost and lower-risk development tasks – and to make use of Morgan Sindall’s robust stability sheet to spend money on its Partnership Housing enterprise.

“We win fairly just a few [projects] however the measurement tends to be smaller,” he stated. “We do the odd massive job, however that’s not what will get us away from bed within the morning. We like repeat jobs and long-term workstreams.

“We don’t need a £200m job […] We don’t do mega jobs and don’t do jobs that lose mega cash. We’re pretty risk-averse and really selective.”

Morgan added that he would love Morgan Sindall’s turnover to proceed ticking upwards – however added that his precedence was to “make enterprise higher for stakeholders” and to “delight purchasers”.

He additionally vowed to not use the corporate’s £354m in internet money on shopping for different firms – and would as a substitute spend money on natural progress throughout all of its 5 divisions, significantly its Partnership Housing division, which specialises in work with native authorities and housing associations.

Morgan Sindall’s full-year outcomes, which have been revealed yesterday, said that “demand for the partnership mannequin […] remained constructive all through [2022]”, however that the division “skilled important slowdown in its gross sales charges of personal houses on its mixed-tenure websites”.

Morgan stated that regardless of value pressures on supplies and rising rates of interest, his firm would goal the partnership housing sector, as there’s “very robust authorities assist for the schemes”, which may span a number of years and are due to this fact much less affected by materials shortages and rates of interest.

Morgan Sindall made an £85m revenue in 2022, regardless of writing off £48.9m to cowl its historic building-safety liabilities.

Merchants responded positively to the outcomes, with the corporate’s share value surging by 8.1 per cent – giving Morgan Sindall a market capitalisation, or worth, of £837m when markets closed on Thursday (23 February).