Morgan Sindall expects FY results to be 'significantly ahead' of previous forecasts
Morgan Sindall Group
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16:40 19/04/24
Construction and regeneration firm Morgan Sindall said on Thursday that trading had been "strong" since its last update in April, with the company now expecting its full-year results to be significantly better than originally expected thanks to positive momentum experienced across the group continuing to accelerate.
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Morgan Sindall stated all of its divisions had "performed well" and that it now expects its interim results to show pre-tax profits of roughly £53.0m, up a whopping 238% when compared against the first half of 2020 and up roughly 46% on 2019's pre-pandemic comparative.
Total secured workloads rose to £8.3bn at the end of the half, level with its year-end position and up 5% from the same time last year.
The FTSE 250-listed firm also said its cash performance had been strong, with average daily net cash for the first half of £294.0m, up from £153.0m at the same time a year earlier, while the company's net cash position as of 30 June was £337.0m, up from £146.0m.
As a result of the solid performance, MS now anticipates that its full-year results for 2021 will be "significantly ahead" of previous expectations.
As of 0855 BST, Morgan Sindall shares had shot up 11.19% to 2,351.72p.