Posted on July - 03 - 2011
Morgan Sindall ‘well placed for recovery in markets’
CONSTRUCTION and fit-out group Morgan Sindall said its positive start to the year has continued, in a trading update for the six months to June 30, today.
The group has a regional construction office on Liverpool’s Wavertree Technology Park, an affordable housing operation in its Lovell offices in Birkenhead, and design functions in Warrington.
It said it is on track to meet full year targets and its forward order book is in line with the start of the year.
Construction and infrastructure is trading as expected, although margins are tight due to increased competition.
The affordable housing operation continues to see opportunities in the mixed tenure, new build social housing, and planned and response maintenance markets.
The group also reported a slight improvement in the open market housing sector, despite sales remaining constrained by a lack of available mortgage finance.
Revenues in the fit-out division are ahead of the previous year, and the group said it is well placed for an anticipated recovery in the market from 2012.
The urban regeneration team has been selected by Warrington council as its development partner on the council’s £130m Bridge Street scheme.
And while the group’s cash position of £44m is lower than the same period in 2010, it is still above expectations.
The statement said: “Overall, we have had a positive first half of 2011 and, with our track record in growth sectors, broad sector spread and depth of capabilities, we remain well positioned to face the challenges ahead and to benefit from opportunities as they arise.”
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