Morgan Sindall upgrades 2019 profit forecast

Aaron Morby 1 week ago
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Morgan Sindall is forecasting better than expected profits for the year after strong trading and improved construction margins.

John Morgan says group cash position is improving

John Morgan, chief executive, said that the group was now on track to deliver a full-year performance, which is slightly above the board’s previous expectations.

Average daily net cash for the full-year is expected to be in excess of £100m, higher than forecast at the half-year.

 “We continue to make good progress, with positive momentum across the group’s operations,” said Morgan.

“Consequently, we now expect to deliver a full-year performance slightly above the board’s previous expectations.

“Our strong balance sheet continues to be a significant differentiator and enables us to make the right long-term decisions for the business which position us well for continued sustainable growth.”

Total secured workload was up 10% to £7.3bn, from the year-end position.

This comprised the secured order book of £4.1bn, up 15% from the year-end and the regeneration & development pipeline of £3.2bn, which was up 4%.

 

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