Morgan Sindall said that because trading had continued to be strong, it was now on track to deliver a full year performance slightly above the board鈥檚 previous expectations (set out in August).
Average daily net cash for the full year is expected to top 拢100m, which is also ahead of previous guidance.
By a tighter focus on operational delivery, contract selectivity and risk management, Morgan Sindall鈥檚 Construction & Infrastructure operations are expected to show further margin improvement over last year, the company said.
The total secured workload for as at 30th September 2019 was 拢7.3bn, up 10% from the start of the year but down 2% since 30th June. This comprised a secured order book of 拢4.1bn, up 15% from the year end (down 3% from the half year) and a regeneration & development pipeline of 拢3.2bn, which was up 4% from the year end (down 2% from the half year).
Chief executive John Morgan said: 鈥淲e continue to make good progress, with positive momentum across the group鈥檚 operations. Consequently, we now expect to deliver a full year performance slightly above the board鈥檚 previous expectations. Our strong balance sheet continues to be a significant differentiator and enables us to make the right long-term decisions for the business which position us well for continued sustainable growth.鈥�
Got a story? Email news@theconstructionindex.co.uk
