Morgan Sindall orders up 8% in strong start to 2019

Aaron Morby 5 years ago
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Morgan Sindall Group has reported a brisk start to 2019 despite signs of cooling in the wider construction market.

John Morgan reports solid start to 2019 with orders up at £3.8bn
John Morgan reports solid start to 2019 with orders up at £3.8bn

Orders for the first three months of this year were up 8% from the year-end position to £3.8bn.

Chief executive John Morgan said that the group’s cash position remained robust and predicted that average daily net cash for the year would be in excess of £85m.

“We have had a strong start to the year and the positive momentum coming into 2019 has continued.

“Our order book is showing good growth and our balance sheet and cash position are in very good shape. We are therefore excited by the opportunities ahead in each of our markets.”

He added that Morgan Sindall’s investment arm had grown in its strategic importance to long-term growth across the group businesses.

In March, the investment business was selected as Brentwood Borough Council’s preferred joint venture partner to deliver a long-term programme of developments with a potential contract value of up to £1bn.

Morgan added that the group was on track to deliver a full-year performance in line with its expectations and with more of a weighting towards the first half than in previous years.

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