Morgan Sindall kicked off the first week of the results season with decent numbers, albeit with some signs of softening
While turnover at its construction and infrastructure divisions was up by 31% and 39% respectively, fit-out and affordable housing were both slightly down.
Analysts expressed longer-term concerns about the latter two markets, but the results were enough to stop a recent share price slump and the stock rose 8% in early trading.
It was a similar tale of two halves at Galliford Try and Kier.
Galliford boss Greg Fitzgerald said the construction and housebuilding arms would both have record years in 2009 – but for very different reasons.
It was full steam ahead at Kier’s construction and support services divisions, which saw profit rise by 21% and 22% respectively. Despite housing difficulties, boss John Dodds said its public sector and framework deals meant it was well-placed to weather the storm.
Meanwhile regeneration specialist Gleeson said market conditions had got worse since it described them as “the worst in living memory”. Where next?
White Young Green finally made up its mind which day it would put its figures out (Wednesday) and it wasn’t great news (see table). Shares fell 12% in early trading.
Turnover was up at consultant Waterman, which is betting on Libya and Syria to help combat the downturn.