Morgan Sindall reiterates full-year outlook

2nd May 2024 08:58

(Sharecast News) - Morgan Sindall reiterated its full-year outlook on Thursday, on the back of solid trading at the start of the year.

Updating on trading ahead of its annual general meeting, the construction and regeneration specialist said the total secured order book was £9bn as at 31 March, up 1% both year-on-year and since the 31 December year end.

Overall trading had been in line with expectations, it noted, with a particular strong performance in the fit out division. "Its first half performance is expected to show significant growth on the prior year, and its secured order book provides confidence for the rest for the year," Morgan Sindall said.

In its other divisions, construction and infrastructure both performed as anticipated, while partnership housing benefited from the improved housing market.

However, the FTSE 250 firm warned that first-half results in property services would be hit by exit costs relating to an underperforming contract.

John Morgan, chief executive, said: "Since the start of the year trading had been as expected and looking ahead to the rest of the year, our high-quality secured order book gives us great confidence of delivering a full-year performance which is in line with our expectations."

As at 0900 BST, shares in Morgan Sindall were up 1% at 2,270p.