Did you know that there is a version of The Construction Index for the USA? Visit the site No thanks
Follow us on Twitter Follow us on LinkedIn Follow us on Instagram
Daily construction news
Weekly plant news

Construction News

Mon November 20 2017

Related Information
Related Information
Related Information

News » UK » Morgan Sindall nears 2% margin target » published 1 Nov 2017

Morgan Sindall nears 2% margin target

While some of its competitors are going through the mill of reorganisation to stave off collapse, Morgan Sindall seems to be positively thriving.

Chief executive John Morgan Above: Chief executive John Morgan

The Morgan Sindall board told shareholders today that trading in the second half of the year has continued to be strong. Profit margins are improving in both the Construction & Infrastructure division and in Fit Out.

“Construction's recovery has continued and accelerated, with considerable progress towards achieving its medium term margin target of 2% expected in the second half,” said group finance director Steve Crummett.

Based on its visible workload for the rest of the year together with its current contract delivery performance, the Fit Out division is expected to make “very strong second half margin and profit”.

Morgan Sindall’s final year 2017 results will therefore be better than previously indicated when the half-year results were posted back in August.

In addition, average daily net cash for the full year is set to top £100m, ahead of previous guidance of not less than £75m.

However, a £1m hit will be taken in the Property Services division because of a restructuring. It has decided to exit its legacy insurance services business to better serve its core local authority customer base.

 

 

 

MPU

Download our free construction news iPhone / iPad app. Sign up to our FREE email newsletters or subscribe to our RSS feed for regular updates on the latest Construction News, Plant News, Contract News & Supplier News. The Construction Index also provides the latest Construction Tenders, Construction Market Data & Construction Law Commentary all FREE.

This article was published on 1 Nov 2017 (last updated on 1 Nov 2017).

More News Channels