Chairman John Morgan says work on larger projects is picking up

Morgan Sindall chairman John Morgan said the firm’s construction division has made a “good start to the year”.

In a statement ahead of today’s AGM, Morgan said the firm had made a “positive start” overall in 2010. He said fit-out is picking up, thanks to demand for larger projects in the financial sector. Construction has moved from preferred bidder status to financial close on a number of deals, although he warned that there is uncertainty over the impact and timing of public spending cuts.

The statement continued: “In summary, the group's forward order book has increased since the start of the year from £3.2bn to £3.6bn. In addition to the order book, Urban Regeneration's development pipeline remains at £1.4bn. The financial position of the group remains strong, with average cash for the year to date increasing over the level achieved for the comparable period in 2009.”

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