Strong performance from fit out, improvements in construction and infrastructure
Morgan Sindall is anticipating an increase in its pre-tax profit to 拢23.5m for the first six months of 2017, up 45% on the same period a year ago.
In a trading update, the firm said its first half performance had been 鈥渟trong鈥�, driven 鈥減rimarily by margin and profit growth in fit out, and by margin improvement in construction and infrastructure鈥�.
The group鈥檚 urban regeneration made a lower contribution than in the prior year period 鈥渄ue to the phasing of its scheme completions鈥�, the group said.
Morgan Sindall鈥檚 partnership housing and urban regeneration arms 鈥渂oth traded as expected鈥�, while there were 鈥渕odest profit contributions鈥� from its property services and investments businesses.
The trading statement added: 鈥淭he performance of fit out in the first half, its current trading patterns and the forward visibility provided by the size and quality of its order book, indicate an out-turn for the year for fit out which is much stronger than previously expected.
鈥淭aken together with the expected margin improvement in construction and infrastructure, and the second half weighting to partnership housing, the group now anticipates that its 2017 full year results will be significantly ahead of its previous expectations.鈥�
Morgan Sindall will announce its half year results to 30 June 2017 on 8 August 2017.
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