TRADING continues to be “in line with expectations” at Rugby-based Morgan Sindall as the firm enjoyed “significant wins”, its parent company said today.
In an interim management statement ahead of today’s AGM in London, Morgan Sindall Group said its Warwickshire construction and infrastructure division was pursuing a number of significant opportunities.
“Significant wins in the period include the £50m Pudding Mill Lane Crossrail contract as well as a place on two lots of the £500m Smarte East Alliance framework,” said the statement, covering the period since January 1 this year.
“While we anticipate the market will remain competitive, the division continues to pursue a number of significant opportunities particularly in the power distribution, airports and rail sectors where growth is being driven by investment in economic infrastructure.”
Overall, Morgan Sindall Group, headquartered in London, said it had made a positive start to the year and was on track to meet its expectations for this year.
“Our cash position remains strong and the group’s forward order book has increased slightly since the start of the year,” it added.
“Affordable housing has seen a slight improvement in market conditions for open market housing compared with the second half of 2010 driven by improved sales pace with house prices remaining steady.
“Fit out continues to win work in a market that remains highly competitive with continued downward pressure on margins.
“The group’s forward order book has increased since the start of the year from £3.6bn to £3.8bn and group’s development pipeline has increased by £350m to £1.8bn.”
