Morgan Sindall's order book unchanged despite Covid-19 disruptions

Construction group Morgan Sindall said on Thursday that its order book was unchanged from the end of its last trading year despite Covid-19 related disruptions.

Morgan Sindall said its secured workload was £7.6bn as of 31 March and added that its balance sheet was in "good shape" - with net cash of £174m as of 5 May.

The FTSE 250-listed group also highlighted that roughly 80% of its construction sites were currently operational, while 75% of infrastructure projects and 70% of fit-out jobs were still ongoing.

Morgan Sindall said: "With this high-quality workload and with the balance sheet in good shape, the group is well-positioned to successfully navigate through these current uncertain times and emerge primed for future success in the medium and longer-term."

However, MS chose to leave full-year guidance suspended as a result of the coronavirus outbreak.

Chief executive John Morgan said: "Our decentralised structure has allowed us to adapt quickly to these evolving circumstances and to rapidly adopt new ways of working, which will stand us in good stead for the future.

"Our strategy remains unchanged, focused on building long-term workstreams in markets that remain attractive. Supported by a strong balance sheet, the actions taken put the group on the best footing to ensure its continued success."

As of 1020 BST, Morgan Sindall shares were up 5.86% at 1,276.69p.