Morgan Sindall expects FY results to be 'significantly ahead' of previous forecasts

Construction and regeneration firm Morgan Sindall said on Thursday that trading had been "strong" since its last update in April, with the company now expecting its full-year results to be significantly better than originally expected thanks to positive momentum experienced across the group continuing to accelerate.

Morgan Sindall stated all of its divisions had "performed well" and that it now expects its interim results to show pre-tax profits of roughly £53.0m, up a whopping 238% when compared against the first half of 2020 and up roughly 46% on 2019's pre-pandemic comparative.

Total secured workloads rose to £8.3bn at the end of the half, level with its year-end position and up 5% from the same time last year.

The FTSE 250-listed firm also said its cash performance had been strong, with average daily net cash for the first half of £294.0m, up from £153.0m at the same time a year earlier, while the company's net cash position as of 30 June was £337.0m, up from £146.0m.

As a result of the solid performance, MS now anticipates that its full-year results for 2021 will be "significantly ahead" of previous expectations.

As of 0855 BST, Morgan Sindall shares had shot up 11.19% to 2,351.72p.