The CEO of construction businessMorgan Sindall said price rises may be peaking, though wage increases might peak first.
John Morgan discussed the wider economic environment as the business reported its 2022 results. He said inflation, and in particular labour-cost inflation, may be peaking.
“There are early signs that inflation, particularly labour inflation, has plateaued and is starting to fall in some areas,” he said.
“We look forward with optimism and although it is still early in the year, we’re well-positioned to deliver a result for 2023 which is in line with our current expectations.”
Morgan Sindall’s revenue for the year was £3.61 billion, up by 12%. Profit, though, was down by more than 30% because of a £48.9m charge to fix fire safety issues on tower blocks.
Morgan Sindall paid a 101p dividend to shareholders, up by 10% from 2021.
“The group delivered a strong performance in 2022, with significant strategic and operational progress made across the business despite the market headwinds,” Morgan said. “These results are another record for the group and they reflect the high quality of our operations and the talent and commitment of our people.
“ We look forward with optimism and although it is still early in the year, we’re well-positioned to deliver a result for 2023 which is in line with our current expectations.”
