Firm sticks to earlier forecast that year-end number will be ahead of previous 拢178m consenus
Morgan Sindall said trading this year has been better than expected thanks to a ongoing fit out boom.
In a trading update this morning, chief executive John Morgan said: 鈥淪ince the start of the year, trading has been better than we originally expected and looking ahead to the rest of the year, our high-quality secured order book gives us strong confidence of delivering a full year performance in line with our current expectations.鈥�
In March, Morgan Sindall upgraded its forecast for its 2025 results saying that 鈥渁n acceleration in its trading momentum鈥� at the fit-out arm meant full-year results for the group will 鈥渂e slightly ahead of [the] market consensus鈥� of an adjusted pre-tax profit of 拢178m.
In its 2024 results, the firm said pre-tax profit last year jumped 19% to a record 拢172m on turnover up 10% to 拢4.5bn.
It has upgraded the annual operating profit target at fit-out in the medium term to be between 拢60m and 拢85m, from 拢50m to 拢70m previously.
In today鈥檚 update, Morgan Sindall said average daily net cash between 1 January and 30 April was 拢369m. It said this was down from 拢390m for the same period last year 鈥渁s the Group continues to invest in its Partnerships [housing] activities to support its long-term growth ambitions鈥�.
No comments yet