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Fri September 21 2018

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Morgan Sindall brimming with confidence

4 May Morgan Sindall chief executive John Morgan has given an upbeat assessment of current trading conditions.

Chief executive John Morgan
Chief executive John Morgan

Ahead of the company’s annual general meeting in London today, chief executive John Morgan said that Morgan Sindall was in great shape and trading well, and 2018 results would be ahead of previous expectations.

The Construction & Infrastructure business was experiencing “further margin growth as expected”, while Property Services has returned to profit following a restructuring last year.

The Fit Out business is also doing well and outperforming previous expectations.

The Partnership Housing and Urban Regeneration businesses, Lovell and Muse, are also on track.

Morgan Sindall Group’s committed order book as at 31st March 2018 was £3.7bn, while the regeneration & development pipeline was £3.2bn.

The average daily net cash from the start of the year to 30 April was £126m. As a result, the group expects that the average daily net cash for the year will be in excess of £70m.   

John Morgan said: “We have had a good start to the year and all divisions are continuing to make strategic and operational progress. Our balance sheet and cash position are both very strong and give us the flexibility to continue focusing on quality of earnings in our construction activities, while investing in our regeneration activities to drive long-term value. Our strong order book and customer relationships enable us to look to the future with confidence.”   

MPU

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