Margins at Morgan Sindall’s core construction and infrastructure division have continued to improve with the business now expected to achieve at least 2% in the second half.
The rise is up from 1.7% reported at the half year and 1.1% at the previous full year.
But the focus on contract selectivity and quality of earnings saw the group’s committed order book as at the end of September slide 11% to £3.4bn, compared with the same time last year.
In a trading statement this morning covering trading in the second half of the year, Morgan Sindall said its profitable fit-out business was on track to deliver its expected revenue and profit growth performance for the year.
But the business’s order book was also down 13% at £470m, down 13% from the same time last year.
Order levels at the other key group division covering regeneration and development were stable, up 2% from the year-end by down 2% from the last half.
Morgan Sindall’s balance sheet remains strong with the average daily net cash for the year now expected to be in excess of £90m.
from Construction Enquirer http://www.constructionenquirer.com/2018/11/01/morgan-sindall-construction-margin-on-track-for-2/
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