5th May 2016 07:48
LONDON (Alliance News) - Morgan Sindall Group PLC Thursday said it remains in a strong position to deliver on its expectations for its full year, as it has performed in line with its forecasts to date in 2016.
In a statement ahead of its annual general meeting the construction and regeneration company said its committed order book as at the end of March was GBP2.9 billion, up 2% from its position at the end of 2015, with its regeneration and development pipeline up 4% to GBP3.3 billion.
Its average daily net debt from the start of the year was GBP29 million, lower than previously expected due to better working capital management and the phase and structuring of investments in its Partnership Housing and Urban Regeneration segments.
As a result its average net debt for the year is expected to be in the range of GBP50 million to GBP65 million, slightly lower than its previous guidance range of GBP60 million to GBP70 million.
Shares in Morgan Sindall were up 1.3% at 810.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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