Firm expecting 鈥榮ignificant growth鈥� from business in first half
Morgan Sindall delivered an upbeat trading update this morning with the company saying its fit-out business remained the star performer with the division expected to show a marked increase in revenue in the first half.
The firm, which was yesterday was named as one of the winners on 拢9bn scheme to upgrade the National Grid, said trading at the fit-out business had been 鈥渧ery strong鈥� in the first months of the year and added: 鈥淚ts first half performance is expected to show significant growth on the prior year.鈥�
In the first half of last year, revenue at the fit-out business, which includes the Overbury arm, was up 9% to 拢498m.
It added that its construction and infrastructure business was performing as expected, while its partnerships housing arm was seeing higher sales across both mixed-tenure and contracting.
But it warned trading from its property services business would be hit by 鈥渆xit costs relating to an underperforming contract鈥�.
Morgan Sindall鈥檚 order book at the end of March was flat at 拢9bn while average daily next cash in the four months to 30 April was 拢389m, up from 拢281m for the same period last year.
It said that it expected average daily next cash for the full year to be well in excess of 拢300m.
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