LONDON (ShareCast) - Morgan Sindall (LSE: MGNS.L - news) , the construction and regeneration company, said it is on course to meet management’s
expectations for the full year, despite continued tough trading conditions in some of its markets.
As anticipated, the group’s Fit Out has been the problem child of the Morgan Sindall family with revenue in the first half of the year down by around a quarter in comparison with the first half of the year.
The group expects the division to continue to experience tough trading conditions for the rest of this year, though it draws comfort from the order book, which is at a similar level seen at the start of 2009.
The Urban Regeneration division’s market remains quiet, while the Infrastructure Services division has performed in line with the first half of last year.
The Construction division’s performance is on an upward trend with public sector spending holding up well, although competition in the market has become more intense.
Affordable Housing's revenue from refurbishment and new build social housing contracts remains robust.
The forward order book for the group as a whole currently stands at £3.6bn, little changed from the level at which it started the year.
“Our strategy remains one of building market leadership in each of our chosen market sectors and we expect the current market to present opportunities for us to make further progress towards fulfilling this goal,” the group said.
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