Morgan Sindall makes 'positive start' to FY24

(Sharecast News) - Construction firm Morgan Sindall said on Thursday that it has made a "positive start to the year" and that the group was trading in line with expectations. Morgan Sindall said partnership housing profits remained in line with previous guidance, with sales activity across both mixed-tenure and contracting continuing to show good improvement, while mixed use partnerships was also expected to be in line with previous guidance, as it continues to convert "a number of sizeable opportunities" into preferred bidder schemes, while also securing two signed development agreements in the period to date.

The FTSE 250-listed firm also said its fit out division continued to benefit from "a very strong trading momentum" and was expected to exceed the top-end of its revised medium term targets of £60.0m-£85.0m, and its property services wing remained on track to deliver "a modest profit" for the year, following the successful completion of its remediation programme in 2024.

Morgan Sindall added that its total secured order book sat at £11.3bn on 31 March, broadly in line with the year-end position of £11.4bn and up 26% year-on-year.

Chief executive John Morgan said: "Since 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."

As of 1020 BST, Morgan Sindall shares were up 0.14% at 3,540.0p.

Reporting by Iain Gilbert at Sharecast.com