Trading in line with expectations despite slump in fit out market
Revenue for Morgan Sindall’s fit out division is expected to fall by more than a third this year compared with 2008, the group revealed today.
In its interim management statement, covering the period from 1 July to 9 November, the group said its forward order book had dropped slightly to £3.4bn since 30 June 2009.
But the firm added that it remained “financially robust” given the challenging market conditions.
In its other divisions, Morgan Sindall said construction had performed strongly, despite the uncertainty surrounding future public spending commitments.
However, the group said its Urban Regeneration’s market remained “subdued” and that it expected the division to make only a small contribution in 2009.
Morgan Sindall said: “We remain mindful of the challenges facing the sector in the longer term and continue to shape our business accordingly.”