Firm sticks to earlier forecast that year-end number will be ahead of previous £178m consenus
Morgan Sindall said trading this year has been better than expected thanks to a ongoing fit out boom.
In a trading update this morning, chief executive John Morgan said: “Since the start of the year, trading has been better than we originally expected and looking ahead to the rest of the year, our high-quality secured order book gives us strong confidence of delivering a full year performance in line with our current expectations.”
In March, Morgan Sindall upgraded its forecast for its 2025 results saying that “an acceleration in its trading momentum” at the fit-out arm meant full-year results for the group will “be slightly ahead of [the] market consensus” of an adjusted pre-tax profit of £178m.
In its 2024 results, the firm said pre-tax profit last year jumped 19% to a record £172m on turnover up 10% to £4.5bn.
It has upgraded the annual operating profit target at fit-out in the medium term to be between £60m and £85m, from £50m to £70m previously.
In today’s update, Morgan Sindall said average daily net cash between 1 January and 30 April was £369m. It said this was down from £390m for the same period last year “as the Group continues to invest in its Partnerships [housing] activities to support its long-term growth ambitions”.
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