Group restructuring and efficiency programme

The Group restructuring and efficiency programme to simplify Morgan’s structure and drive efficiency in operations is on track.

We have closed sites as planned with the last site closed in the second half of 2021.

2021 savings were £20 million in line with expectations previously reported. Full-year run rate benefits of £23 million for 2022 remain unchanged.

The expected phasing of the benefits and costs is as follows:


FY 2020


FY 2021


FY 2022




Headline operating profit1 benefits (incremental) 6 20 23 -
Cash cost to specific adjusting items (24) - - (24)
1. Adjusted operating profit is before specific adjusting items and amortisation of intangible assets.

Find out more about our performance in our 2021 Full Year results.