Trading update says division has returned to profit after last year鈥檚 losses
Morgan Sindall鈥檚 property services operation has returned to profit after posting losses last year, the company said today.
In a trading update ahead of its AGM being held in London later today the contractor said the division had moved into positive territory after last year鈥檚 拢1.3m loss on turnover of 拢66m.
Operating margins across the construction and infrastructure division had also improved in the early months of the current financial year, building on 2017鈥檚 1.5%. Last year the operation generated operating profit of 拢20.4m on 拢1.4bn of turnover.
The group鈥檚 Fit Out arm, which last year recorded 拢39.1m operating profit on turnover of 拢735m, was expected to deliver results in line with last year and higher than previously expected.
Partnership Housing and Urban Regeneration operations had progressed development schemes as planned, the group said, while the investments business had been boosted by the recent 拢2bn jv with Hertfordshire county council.
A strong order book of 拢3.7bn, a regeneration and development pipeline of 拢3.2bn and an expected average daily net cash for the year in excess of 拢70m meant the group could 鈥渓ook to the future with confidence鈥�, according to chief executive John Morgan.
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