Morgan Sindall Group PLC Change in Reporting Segments (0545B)
June 14 2016 - 2:00AM
UK Regulatory
TIDMMGNS
RNS Number : 0545B
Morgan Sindall Group PLC
14 June 2016
14 June 2016
Change in Reporting Segments
Morgan Sindall Group plc today announces a change to its
divisional reporting in order to better align its reporting
segments with the business strategy and operational management
structure.
The Group's results for the half year ending 30 June 2016 will
be published on 2 August 2016 and will be prepared in line with
this new reporting structure. Ahead of these results, this
announcement provides the comparator numbers based upon this new
reporting structure for the prior year half year results ended 30
June 2015 and full year results ended 31 December 2015.
Rationale for change to reporting segments
The Group's strategy is focused on two distinct but
complementary business activities: Construction and
Regeneration.
Operating within these two strategic lines of business, the
Group has, to date, reported results in five reporting segments:
Construction & Infrastructure, Fit Out, Affordable Housing,
Urban Regeneration and Investments.
In order to better reflect the way the business is managed and
operated, Affordable Housing will be split into two distinct
reporting segments: (i) Property Services and (ii) Partnership
Housing.
Property Services is focused on response maintenance activities
provided to the social housing, insurance and general commercial
sectors and is considered to be part of the Group's Construction
activities.
Partnership Housing is focused on working in partnerships with
local authorities and housing associations. Activities include
mixed-tenure housing developments, building and developing homes
for open market sale and for social/affordable rent, 'design &
build' house contracting and planned maintenance. This segment is
considered to be part of the Group's Regeneration activities.
Revised reporting structure
Commencing with the results for the half year ending 30 June
2016, the Group will therefore report its results in six reporting
segments
-- Construction & Infrastructure
-- Fit Out
-- Property Services
-- Partnership Housing
-- Urban Regeneration
-- Investments
These reporting segments will underpin the Group's strategic
lines of business in Construction and Regeneration as follows:
Construction Activities Regeneration Activities
---------------------------------------- ---------------------------------
Construction Fit Out Property Partnership Urban Regeneration
& Infrastructure Services Housing
------------------ -------- ---------- ------------ -------------------
Investments
---------------------------------------------------------------------------
The Investments division is focused on sourcing opportunities
for the Group's Construction and Regeneration activities.
Restated historical financials based upon revised reporting
structure
The comparator results for the prior year half year ended 30
June 2015 and full year ended 31 December 2015 based upon this new
reporting structure are shown below:
Half Year ended 30 June 2015 (restated)
Construction & Fit Property Partnership Urban Group
Infrastructure Out Services Housing Regeneration Investments Activities Eliminations Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
-------------- -------------- ----- -------- ------------ ------------ ----------- ---------- ------------ -------
External
revenue 621.4 293.4 31.5 170.9 25.8 9.0 - - 1,152.0
Inter-segment
revenue 1.8 5.2 - - - - - (7.0) -
-------------- -------------- ----- -------- ------------ ------------ ----------- ---------- ------------ -------
Total revenue 623.2 298.6 31.5 170.9 25.8 9.0 - (7.0) 1,152.0
Operating
profit/(loss)
before
amortisation
of intangible
assets and
exceptional
operating
items 0.3 10.4 (0.8) 3.8 5.0 0.4 (3.6) - 15.5
-------------- -------------- ----- -------- ------------ ------------ ----------- ---------- ------------ -------
Amortisation
of intangible
assets - - - (0.3) (0.8) - - - (1.1)
Exceptional
operating
items (39.4) - - - - - - - (39.4)
-------------- -------------- ----- -------- ------------ ------------ ----------- ---------- ------------ -------
Operating
profit/(loss) (39.1) 10.4 (0.8) 3.5 4.2 0.4 (3.6) - (25.0)
-------------- -------------- ----- -------- ------------ ------------ ----------- ---------- ------------ -------
Full Year ended 31 December 2015 (restated)
Construction & Fit Property Partnership Urban Group
Infrastructure Out Services Housing Regeneration Investments Activities Eliminations Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
-------------- -------------- ----- -------- ------------ ------------ ----------- ---------- ------------ -------
External
revenue 1,230.5 606.2 59.5 365.0 110.4 13.1 - - 2,384.7
Inter-segment
revenue 1.9 0.4 - 1.3 - - - (3.6) -
-------------- -------------- ----- -------- ------------ ------------ ----------- ---------- ------------ -------
Total revenue 1,232.4 606.6 59.5 366.3 110.4 13.1 - (3.6) 2,384.7
Operating
profit/(loss)
before
amortisation
of intangible
assets and
exceptional
operating
items 3.8 24.0 (1.0) 9.6 12.9 (1.5) (9.0) - 38.8
-------------- -------------- ----- -------- ------------ ------------ ----------- ---------- ------------ -------
Amortisation
of intangible
assets - - - (0.6) (1.6) - - - (2.2)
Exceptional
operating
items (46.9) - - - - - - - (46.9)
-------------- -------------- ----- -------- ------------ ------------ ----------- ---------- ------------ -------
Operating
profit/(loss) (43.1) 24.0 (1.0) 9.0 11.3 (1.5) (9.0) - (10.3)
-------------- -------------- ----- -------- ------------ ------------ ----------- ---------- ------------ -------
Other
information:
Average number
of employees 3,570 653 496 920 65 93 31 5,828
-------------- -------------- ----- -------- ------------ ------------ ----------- ---------- ------------ -------
- ends -
Editor's notes:
About Morgan Sindall Group plc
Morgan Sindall Group plc is a leading UK construction and
regeneration group with revenue of cGBP2.4 billion and which
operates through six divisions of Construction &
Infrastructure, Fit Out, Property Services, Partnership Housing,
Urban Regeneration and Investments.
Contact:
Morgan Sindall Group plc 020 7307 9200
John Morgan, Chief Executive
Steve Crummett, Finance Director
Brunswick 0207 404 5959
Jonathan Glass
Alison Kay
This information is provided by RNS
The company news service from the London Stock Exchange
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