Morgan Sindall on track to meet its FY expectations
Sharecast
Published Nov 02, 2022 08:08
Morgan Sindall on track to meet its FY expectations
The construction company said that since its half-year results on 4 August, increased general market uncertainty and rising inflation have made the economic backdrop more challenging. Nevertheless, trading across the group has been "robust", it said.
Trading in the construction and infrastructure segment has been as expected. Construction activities are expected to deliver an operating margin for the full year within the target range of 2.5%-3% and the operating margin in the infrastructure activities is also expected to be within the range, of 3.5% to 4%.
As far Fit Out is concerned, the company said a continued focus on operational delivery and customer experience, together with its order book for the rest of the year, means it is well-placed to deliver a "very strong" full-year performance.
In property services, contract phasing and mobilisations is, as anticipated, driving slightly higher second half activity, although the operating margin continues to be hit by general cost and labour inflation.
Partnership Housing has seen a recent reduction in sales activity in line with the rest of the UK housing industry, "however its focus on long-term partnerships with the public sector provides forward visibility and resilience".
Morgan Sindall hailed a "sizeable and high-quality" workload. As at 30 September, the total secured workload was £8.8bn, up 2% from the year end position. Within this, the construction secured order book of £4.6bn was up 2% from the year end, while the regeneration book of £4.2bn was ahead 3%.
Read more on Sharecast.com
Get The App
Written By: Sharecast
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.