Contractor is buoyed by growth in affordable housing and the acquisition of three new construction divisions from Benson.
Morgan Sindall is expecting double-digit growth in earnings from its affordable housing division for the year end December 2004. In a trading statement the contractor said that affording housing had enjoyed exceptional growth in a market driven by the government's Decent Homes standard and the sustainable communities programme.
Chairman John Morgan said: “This has been another excellent year. I am delighted with the progress made.”
Trading in Morgan Sindall’s construction division remained in line with expectations after the firm switched focus to longer term frameworks and client contracts. Construction arm Bluestone also acquired three construction divisions from Benson yesterday to strengthen its position in the South of England.
The group reported that the workload in its Infrastructure Services division would be down on 2003, but it says it is bidding for a number of larger contracts, which offered significant longer-term prospects.
Morgan Sindall said that financial results at its fit out arm would be in line with expectations.