Firm says division’s performance has ‘strengthened significantly’
Morgan Sindall has upgraded its 2025 profit forecast for the third time this year on the back of a booming fit out business.
In a trading update this morning, the firm said: “The Group now anticipates that its full year results for 2025 will be significantly ahead of its previous expectations, following a continuation of the strengthening performance from the Fit Out division.”
It added: “Fit Out’s performance has continued to strengthen significantly due to a combination of strong trading and operational execution. As a result, profits are now expected to significantly exceed the Group’s previous expectations.”
In it half year results, the firm’s fit out business, which is working on the Citibank scheme in Canary Wharf as well as the new HSBC headquarters at St Paul’s, saw operating profit jump 41% to £58m with turnover up a third to £838m.
In this morning’s update, the firm said fit out’s secured order book at the end of August was £1.6bn, an increase of 8% on both the half-year and year-end 2024.
It added that its construction and Infrastructure business as well as its property services arm remain on track.
But it said the firm’s mixed use partnerships business was expected to see operating losses in the second half double the £1.5m loss in the first half which it put down to “increased investment costs”.
The firm is due to announce its 2025 results on 25 February next year.
No comments yet