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MGNS Morgan Sindall Group Plc

2,320.00
-15.00 (-0.64%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Morgan Sindall Group Plc LSE:MGNS London Ordinary Share GB0008085614 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -15.00 -0.64% 2,320.00 2,320.00 2,330.00 2,340.00 2,310.00 2,325.00 53,358 16:29:55
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gen Contractor-nonres Bldgs 4.12B 117.7M 2.4853 9.33 1.1B

Morgan Sindall Group PLC Trading Update (1659V)

01/11/2017 7:00am

UK Regulatory


Morgan Sindall (LSE:MGNS)
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RNS Number : 1659V

Morgan Sindall Group PLC

01 November 2017

1 November 2017

Morgan Sindall Group plc

Trading Update

Morgan Sindall Group plc ('the Group') today announces a trading update for the period from 1 July 2017 to date.

Group performance and outlook

Trading in the second half of the year has continued to be strong, driven by a further improvement in margin in Construction & Infrastructure and further margin growth in Fit Out. As a result, the Group is on track to deliver a full year performance slightly ahead of its previous expectations which were set at the time of the half year results on 8 August 2017.

In addition, the Group expects that its average daily net cash for the full year will be in excess of GBP100m, ahead of previous guidance of not less than GBP75m.

The Group's committed order book as at 30 September 2017 was GBP3.8bn, up 5% from the year end position (up 1% from the half year), whilst the regeneration & development pipeline of GBP3.3bn was up 2% from the year end (level with the half year).

Divisional highlights

Construction Activities

-- Construction & Infrastructure has further improved performance, with its margin benefiting from the ongoing focus on operational delivery and contract selectivity.

Construction's recovery has continued and accelerated, with considerable progress towards achieving its medium term margin target of 2% expected in the second half. Infrastructure has performed as expected and its mix of work in the second half should drive the expected margin increase, ahead of its first half result.

-- Fit Out has achieved further margin progression ahead of its strong first half result and, based on its visible workload for the rest of the year together with its current contract delivery performance, very strong second half margin and profit is expected.

Its order book as at 30 September 2017 was GBP540m, up 16% from the year end (down 5% from the half year) of which GBP333m is for 2018, thereby providing a strong underpin to next year's trading.

-- Property Services is proposing to exit its legacy insurance services business to better serve its core local authority customer base and the cost of this, together with the cost of further streamlining its contract portfolio by exiting underperforming contracts, will impact its operating result with a loss for the year of cGBP1m expected.

Regeneration Activities

-- Partnership Housing is focused on delivering construction and sales completions in its mixed-tenure business and a significant number of units are scheduled for fourth quarter completion. Average capital employed for the year is expected to be cGBP100m, less than previously expected and primarily as a result of deferred commencements of schemes.

-- The scheduled timing of scheme completions in Urban Regeneration remains on track and in line with plans. Average capital employed for the year is expected to be cGBP90m, in line with previous guidance.

Investments is expected to deliver a small profit for the year (less than GBP1m), derived mainly from its strategic property partnership joint ventures with local authorities.

Balance sheet

The Group's cash position remains strong. From 1 July to 27 October, the Group has been in an average daily net cash position of GBP98m and from the start of the year to 27 October, the average daily net cash was GBP119m.

Based upon this, the Group is now expected to show average daily net cash for the year in excess of GBP100m. This is significantly better than previous guidance as set out at the time of the half year results of average daily net cash being not less than GBP75m.

This announcement contains inside information. The person responsible for the release of this announcement on behalf of Morgan Sindall Group plc is Steve Crummett, Group Finance Director.

ENDS

Morgan Sindall Group

Morgan Sindall Group plc is a leading UK construction and regeneration group with revenue of cGBP2.6bn, employing around 6,000 employees and operating in the public, regulated and private sectors. It operates through six divisions of Construction & Infrastructure, Fit Out, Property Services, Partnership Housing, Urban Regeneration and Investments.

ENQUIRIES:

   Morgan Sindall Group plc                            Tel:  020 7307 9200 

John Morgan, Chief Executive

Steve Crummett, Finance Director

   Instinctif Partners                                          Tel:  020 7457 2020 

Matthew Smallwood

Helen Tarbet

Rosie Driscoll

This information is provided by RNS

The company news service from the London Stock Exchange

END

TSTOKDDKOBDDFKN

(END) Dow Jones Newswires

November 01, 2017 03:00 ET (07:00 GMT)

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