Directors' report
Business review


Cautionary statement

This business review has been prepared solely to provide additional information to shareholders to assess the Company’s strategies and the potential for those strategies to succeed.

The business review contains certain forward-looking statements. These statements are made by the directors in good faith based on the information available to them up to the time of their approval of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business factors, underlying any such forward-looking information.

The directors, in preparing this business review, have complied with s417 of the Companies Act 2006. They have also complied with the guidance set out in the Accounting Standards Board’s Reporting Statement: Operating and Financial Review.

This business review has been prepared for the Group as a whole and therefore gives greater emphasis to those matters which are significant to Morgan Sindall plc and its subsidiary undertakings when viewed as a whole.