22nd Oct 2024 09:17
(Alliance News) - Morgan Sindall Group PLC on Tuesday provided an upbeat outlook despite trading being subdued in its Mixed Use Partnerships segment, with its Property Services remediation plan on track.
The London-based construction group expects results for 2024 to be "significantly ahead of its previous expectations".
Shares in the company were up 11% to 3,621.72 pence each on Tuesday morning in London. Earlier the shares set a new 52-week high of 3,625.00p. The wider FTSE 250 index was down 0.3%.
Morgan Sindall said profit in its Partnership Housing division will be "slightly ahead of the group's previous expectations".
Trading has stayed "subdued" in the Mixed Use Partnerships arm, though the unit has secured preferred bidder positions for a number of developments in the UK.
Morgan Sindall continued: "Fit Out's profits have continued to strengthen significantly due to exceptional volumes and is now expected to materially exceed the group's previous expectations. Both Construction and Infrastructure are on target to meet their revenue and margin medium-term targets this year. Property Services remediation plan remains on track to be completed by the end of 2024 and is expected to return to profit in 2025."
The company will announce its 2024 results on February 19.
By Tom Budszus, Alliance News slot editor
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