Firm expecting ‘significant growth’ from business in first half
Morgan Sindall delivered an upbeat trading update this morning with the company saying its fit-out business remained the star performer with the division expected to show a marked increase in revenue in the first half.
The firm, which was yesterday was named as one of the winners on £9bn scheme to upgrade the National Grid, said trading at the fit-out business had been “very strong” in the first months of the year and added: “Its first half performance is expected to show significant growth on the prior year.”
In the first half of last year, revenue at the fit-out business, which includes the Overbury arm, was up 9% to £498m.
It added that its construction and infrastructure business was performing as expected, while its partnerships housing arm was seeing higher sales across both mixed-tenure and contracting.
But it warned trading from its property services business would be hit by “exit costs relating to an underperforming contract”.
Morgan Sindall’s order book at the end of March was flat at £9bn while average daily next cash in the four months to 30 April was £389m, up from £281m for the same period last year.
It said that it expected average daily next cash for the full year to be well in excess of £300m.
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