4th May 2018 14:17
LONDON (Alliance News) - Morgan Sindall Group PLC on Friday said that overall trading in the year to date has been strong, as all divisions continued to make strategic and operational progress.
The construction company's committed order book as at the end of March was GBP3.7 billion, down from GBP3.8 billion reported for the same period the prior year.
The regeneration & development pipeline also fell year-on-year to GBP3.2 billion versus GBP3.3 billion.
Average daily cash from the start of the year to the end of April was GBP126.0 million, bringing the company's average daily cash expectations for the year to GBP70.0 million.
Partnership Housing and Urban Regeneration units have progressed their development schemes and are expected to show a second half weighting to results, Morgan Sindall said.
Meanwhile, Construction & Infrastructure division is anticipated to deliver further margin growth. Property Services has returned to profit, the company said, securing the benefit from last year's restructuring.
Morgan Sindall said it now expects Fit Out segment to perform ahead of expectations, as it saw a period of strong operational delivery.
Looking ahead, Morgan Sindall said its on track to deliver full-year results slightly ahead of its previous expectations.
"We have had a good start to the year and all divisions are continuing to make strategic and operational progress," said Chief Executive John Morgan. "Our strong order book and customer relationships enable us to look to the future with confidence."
Shares in Morgan Sindall were 0.8% higher 1,332.00 pence per share on Friday.
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