Morgan Sindall Group PLC Trading Update (4361L)
July 19 2017 - 2:00AM
UK Regulatory
TIDMMGNS
RNS Number : 4361L
Morgan Sindall Group PLC
19 July 2017
19 July 2017
Morgan Sindall Group plc
Trading Update
Morgan Sindall Group plc ('the Group') announces that trading
for the six months to 30 June 2017 has been substantially ahead of
the prior year comparative period.
Trading in the first half has been strong, driven primarily by
margin and profit growth in Fit Out and by margin improvement in
Construction & Infrastructure. Partnership Housing and Urban
Regeneration have both traded as expected, with Urban Regeneration
lower than in the prior year period due to the phasing of its
scheme completions. In addition, the first half has seen modest
profit contributions from both Property Services and
Investments.
As a consequence, the half year results for the Group are
expected to show profit before tax(1) in the region of GBP23.5m,
reflecting growth on the prior year of around 45%.
The cash performance has again been strong, with average daily
net cash for the first half of GBP132m. The net cash as at 30 June
was GBP97m.
The performance of Fit Out in the first half, its current
trading patterns and the forward visibility provided by the size
and quality of its order book, indicate an out-turn for the year
for Fit Out which is much stronger than previously expected. Taken
together with the expected margin improvement in Construction &
Infrastructure and the second half weighting to Partnership
Housing, the Group now anticipates that its 2017 full year results
will be significantly ahead of its previous expectations.
The Group will announce its half year results to 30 June 2017 on
8 August 2017.
(1) before amortisation
This announcement contains inside information. The person
responsible for the release of this announcement on behalf of
Morgan Sindall Group plc is Steve Crummett, Group Finance
Director.
ENDS
Morgan Sindall Group
Morgan Sindall Group plc is a leading UK construction and
regeneration group with revenue of cGBP2.6bn, employing around
6,000 employees and operating in the public, regulated and private
sectors. It 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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