22nd Apr 2021 12:02
(Alliance News) - Morgan Sindall Group PLC on Thursday said it is on track to beat annual expectations as it has made progress across the board so far in 2021.
Shares in the construction and regeneration firm surged 11% to 2,075.00 pence each in London on Thursday afternoon. It was the best performing mid-cap stock.
"On the basis of the performance to date, the group's operational delivery capabilities and the current visibility of future workload for delivery in the remainder of the year, the group is now on track to deliver a full-year performance which is significantly ahead of its previous expectations," Morgan Sindall said.
The company noted its Construction & Infrastructure division has made a healthy start to the year.
The Fit Out unit's order book at the end of March was 18% higher annually.
"In addition, it has in excess of GBP400 million of work currently at preferred bidder stage. Taken together, Fit Out is expected to deliver a result for the year which is materially ahead of its medium-term target," Morgan Sindall said.
Volumes in Property Services have "held up well", even though planned maintenance work has reduced. Partnership Housing has seen strong levels of demand.
Morgan Sindall's total secured workload as of March 31 was GBP8.1 billion, up 8% annually.
The company added: "At the time of the 2020 full year results in February 2021, the board reported that it was well set for strong growth in 2021. Since then, all divisions have made further positive operational and strategic progress in their markets and momentum across the group has continued to increase."
By Eric Cunha; [email protected]
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