Morgan Sindall Group PLC AGM Trading Update (0858N)
04 May 2018 - 4:00PM
UK Regulatory
TIDMMGNS
RNS Number : 0858N
Morgan Sindall Group PLC
04 May 2018
4 May 2018
Morgan Sindall Group plc
AGM Trading Update
Ahead of today's Annual General Meeting ('AGM'), to be held at
Jefferies International Limited, Vintners Place, 68 Upper Thames
Street, London, EC4V 3BJ at 10.00am, Morgan Sindall Group plc ('the
Group') announces a trading update for the period from 1 January
2018 to date.
The positive momentum across the Group coming into 2018 has
continued and overall trading has been strong.
Construction Activities: The ongoing focus on quality of
earnings has enabled Construction & Infrastructure to deliver
further margin growth as expected, while Property Services has
returned to profit, securing the benefit from last year's
restructuring.
Fit Out has had another period of strong operational delivery.
Based upon the performance to date and the order book and visible
prospects for the rest of the year, it is now expected that Fit Out
will deliver a result for the year which is higher than previously
expected and in line with last year.
Regeneration Activities: Partnership Housing and Urban
Regeneration have progressed their development schemes as planned
and as usual will both likely show a second half weighting to
results. In Investments, the recently announced GBP2bn Property
Delivery Joint Venture with Hertfordshire County Council further
demonstrated the division's strategic importance to the Group.
The Group's committed order book as at 31 March 2018 was
GBP3.7bn, while the regeneration & development pipeline was
GBP3.2bn.
The average daily net cash from the start of the year to 30
April was GBP126m. As a result, the Group expects that the average
daily net cash for the year will be in excess of GBP70m.
Looking ahead, based upon the performance to date of Fit Out and
its prospects for the rest of the year, the Group is on track to
deliver 2018 full year results slightly ahead of its previous
expectations.
John Morgan, Chief Executive, said:
"We have had a good start to the year and all divisions are
continuing to make strategic and operational progress. Our balance
sheet and cash position are both very strong and give us the
flexibility to continue focusing on quality of earnings in our
construction activities, while investing in our regeneration
activities to drive long-term value. Our strong order book and
customer relationships enable us to look to the future with
confidence."
This announcement contains inside information. The person
responsible for this announcement on behalf of Morgan Sindall Group
plc is Steve Crummett, Finance Director.
ENDS
Morgan Sindall Group
Morgan Sindall Group plc is a leading UK construction and
regeneration group with revenue of cGBP2.8bn and which operates
through six divisions of Construction & Infrastructure, Fit
Out, Property Services, Partnership Housing, Urban Regeneration and
Investments.
ENQUIRIES:
Morgan Sindall Group plc Tel: 020 7307 9200
John Morgan, Chief Executive
Steve Crummett, Finance Director
Instinctif Partners Tel: 020 7457 2020
Matthew Smallwood
Helen Tarbet
Rosie Driscoll
This information is provided by RNS
The company news service from the London Stock Exchange
END
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