Morgan Sindall has said the credit crunch began to hit areas of its fit-out business in the first quarter of 2008.

In a trading statement ahead of its annual meeting this week, the 拢2.1bn-turnover company said it was trading in line with expectations despite the downturn.

John Morgan, executive chairman of Morgan Sindall, said: 鈥淭he wider fit-out market has held up over the first quarter although the credit crisis has led to subdued activity in the financial services sector.鈥�

Elsewhere, Morgan said the market had made a 鈥渟atisfactory start to 2008鈥�, although he conceded the commercial sector was quieter.

Topics