Morgan Sindall upgrades profit expectations for year

Aaron Morby 8 months ago
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Morgan Sindall is set to report better-than-expected trading for the first-half with profits strongly up.

Despite more challenging market, John Morgan says the group is set for bumper year
Despite more challenging market, John Morgan says the group is set for bumper year

In a trading statement for the first six months of the year, the construction and regeneration contractor said the fit-out division in particular had delivered a much stronger performance than expected.

The surge in work is being driven by a client shift to upgrade and refit offices in the Capital to create best-in-class office environments for staff.

Chief executive John Morgan said that the fit-out division led by its business Overbury would deliver a profit in the first half around 40% above the level reported for the same period last year.

Despite a more challenging market he said the full-year profit now looked set to be ahead of its previous expectations.

This would be driven by continued strong momentum in fit-out and its forward order book for the second half, together with the anticipated net prospects for the rest of the group.

Morgan Sindall will announce its half-year results in early August 2023.

 

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