Morgan Sindall construction margin on track for 2%

Aaron Morby 5 years ago
Share

Margins at Morgan Sindall’s core construction and infrastructure division have continued to improve with the business now expected to achieve at least 2% in the second half.

The rise is up from 1.7% reported at the half year and 1.1% at the previous full year.

But the focus on contract selectivity and quality of earnings saw the group’s committed order book as at the end of September slide 11% to £3.4bn, compared with the same time last year.

In a trading statement this morning covering performance in the second half of the year, Morgan Sindall also said its profitable fit-out business was on track to deliver its expected revenue and profit growth performance for the year.

But the business’s order book was also down 13% at £470m from the same time last year.

Order levels at the other key group division covering regeneration and development were stable, up 2% from the year-end but down 2% from the last half.

Morgan Sindall’s balance sheet remained strong with the average daily net cash for the year now expected to be over £90m.

Latest news

CITB told to improve by Ofsted inspectors

Number of in-house apprentices drops as training body changes business model
8 hours ago

£9.3bn race starts for National Grid construction partners

Plan for Great Grid Upgrade Partnership to be set out at bidders day in early June
22 hours ago

Plan approved to redevelop major Glasgow shopping mall

Outline plan backed for demolition of St Enoch centre for over 900 homes, shops and leisure space
23 hours ago

Banned demolition boss wins appeal to remain a director

Paul Cluskey wins Court appeal to remain director of Cantillon but steps down as MD
2 days ago

B&K confirms £140m Leeds build to rent project

Work to start on Whitehall Riverside twin blocks for client Glenbrook
1 day ago

McLaren Property to revamp Liverpool roller skating site

242-bed student scheme unveiled for sensitive site
23 hours ago

Wates names Midlands construction chief

Matt Johnson promoted after just 10 months at family-owned builder
2 days ago

Glencar lands £28m Peel Ports Liverpool shed job

240,000 sq ft Alexandra Docks warehouse will be five football pitches long
2 days ago

Private equity giant buys United Living

US based investment group Apollo makes latest swoop on UK construction market
2 days ago

Quartet secure Thirteen Group £500m new homes deal

Esh, Morris & Spottiswood, ReGen and Henry Boot secure spots on new build framework
2 days ago

Luton Town FC to start new stadium before end of 2023

Talks already underway with contractors ahead of submission for detailed planning this summer
2 days ago

Plans for renovation of historic Cardiff Market

Subject to planning and final funding work could start next year
2 days ago

£53m race to cut Magnox reactor buildings down to size

Trawsfynydd reactor buildings to be reduced in height by a third
2 days ago

Cyclist dies in lorry collision outside Keltbray site

Work shut down after fatal collision with truck delivering to central London site
6 days ago

Another demolition director banned after bid rigging probe

Brown and Mason boss becomes fourth director disqualified after cartel investigation
6 days ago

Five hospitals at risk of collapse added to new build programme

Weak concrete crisis and soaring costs force £20bn hospital programme rethink
7 days ago

Scottish South West Hub names new partners

Balfour Beatty joins construction partners for first time
6 days ago

RC frame specialist Getjar revenue tops £100m again

Profit margins nearly halved in face of labour and material price rises
6 days ago

London’s Camden Council advances £470m King’s Cross scheme

Camley Street scheme to consist of 350 homes and 200,000 sq ft of offices
6 days ago

Vinci issues fraud alert to suppliers

Subcontractors targeted by scammers posing as main contractor
7 days ago

Solar panels set to cover commercial buildings

Latest government taskforce targets power potential of non-residential roofs
6 days ago

Quantum Construction collapse costs suppliers £4.3m

Liquidator reveals scale of debts at Staffordshire contractor
7 days ago

Jaguar Land Rover set to build huge gigafactory in Somerset

The vast battery plant would be one of the biggest buildings in the UK
7 days ago

Tender race starts for £95m Victoria Tower repair job

Up to five firms will be invited to bid with work set to start by end of next year
1 week ago

Go-ahead for Brum iconic curved truss HS2 bridge

Balfour Beatty Vinci will carry out one of the largest bridge launches in the UK
1 week ago

Green light for Trafford Waters 85-bed care home

Montpelier Estate advances specialist dementia nursing home at major regeneration site
7 days ago

Fusion21 awards £300m building and refurb framework

Over 60 firms secure places on national building and refurb deals
1 week ago

Supply chain owed £3.8m after collapse of London builder

ME Construction went into administration in March
1 week ago

Ferrovial Construction UK plunges to £30m loss

£54m provisions for Silvertown Tunnel fixed-price contract tip firm into the red
1 week ago

HG Construction hits record revenue but profit slides

Material and labour inflation halves operating margin
1 week ago

Contractor services