22nd Jul 2021 09:08
(Alliance News) - Morgan Sindall Group PLC on Thursday said it expects annual results to be significantly ahead of prior expectations following a strong first half performance.
Shares in Morgan Sindall were up 12% at 2,372.74 pence each in London on Thursday morning, making it the best performer in the FTSE 250.
The construction and property regeneration group said all divisions have performed well and for the six months ended June 30 is expected to show pretax profit around GBP53 million, more than tripled from GBP15.7 million a year prior and up 46% on 2019's pre-pandemic levels.
Net cash as at June 30 was GBP337 million, more than doubled year-on-year from GBP146 million.
The Construction & Infrastructure division's margin and profit recorded growth in the half, while Fit Out continued its "high level" of performance. "As a result, the group now anticipates that its full year results for 2021 will be significantly ahead of its previous expectations," said Morgan Sindall.
The group will announce its half year results on August 4.
By Amrit Sahota; [email protected]
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