Morgan Sindall Group PLC Trading Update (0952E)
November 02 2015 - 2:00AM
UK Regulatory
TIDMMGNS
RNS Number : 0952E
Morgan Sindall Group PLC
02 November 2015
2 November 2015
Morgan Sindall Group plc
Trading Update
Morgan Sindall Group plc ('the Group') today announces a trading
update for the period from 1 July 2015 to date.
Overall Group performance has been in line with the Board's
expectations set at the time of the half year results on 4 August
2015 and expectations for the year to 31 December 2015 remain
unchanged.
Positive momentum has continued across the Group with a focus on
the overall quality of the order book and more favourable
procurement routes. The Group's committed order book as at 30
September 2015 was GBP2.7bn, up 1% from the start of the year.
In Construction & Infrastructure, performance continues to
gradually improve compared to the first half of the year as further
progress is made with completing and closing out a number of its
lower margin construction contracts in London and the South
East.
As expected, Fit Out has continued to trade strongly, with
activity at similar levels to the first half of the year, however
at improved margins. Likewise, progress in Affordable Housing has
been as expected with a significant proportion of its open market
house sales scheduled for completion in the fourth quarter. Within
Affordable Housing, the response maintenance activities remain on
track to deliver the previously stated target of a minimum of
break-even by 2016.
Progress on Urban Regeneration's active development schemes has
been as expected. The final scheduled completion of some
developments is, however, dependent upon third party construction
programmes in the fourth quarter. Investments' performance remains
in line with previous guidance, with an operating loss for the year
expected of between GBP1m-GBP2m due to the phasing of its
schemes.
Average daily net debt from the start of the year to 28 October
was GBP55m (of which GBP18m is non-recourse), in line with the
anticipated investment programme in the Regeneration activities of
Urban Regeneration and Affordable Housing.
The Company is hosting an evening reception for financial
analysts and institutional investors in London this evening. No new
material information will be disclosed.
ENDS
Morgan Sindall Group
Morgan Sindall Group plc is a leading UK construction and
regeneration group with revenue of cGBP2.2 billion, employing
around 5,700 employees and operating in the public and commercial
sectors. It operates through five divisions of construction and
infrastructure, fit out, affordable housing, urban regeneration and
investments.
ENQUIRIES:
Morgan Sindall Group Tel: 020 7307 9200
John Morgan, Chief Executive
Steve Crummett, Finance Director
Brunswick Tel: 020 7404 5959
Jonathan Glass
Alison Kay
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTPKKDKABDDAKN
(END) Dow Jones Newswires
November 02, 2015 02:00 ET (07:00 GMT)
Morgan Sindall (LSE:MGNS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Morgan Sindall (LSE:MGNS)
Historical Stock Chart
From Jul 2023 to Jul 2024