Morgan Sindall FY performance tracking 'significantly ahead' of expectations

Since the release of its full-year results back in February, Morgan Sindall said all divisions had made "further positive operational and strategic progress", with momentum across the group also continuing to increase.

Morgan Sindall's total secured workload for the group as of 31 March was £8.1bn, up 8% from the same time a year earlier, with its construction secured order book up 15% at £4.0bn and its regeneration secured order book up 1% at £4.1bn.

"On the basis of the performance to date, the group's operational delivery capabilities and the current visibility of future workload for delivery in the remainder of the year, the group is now on track to deliver a full-year performance which is significantly ahead of its previous expectations," said MS.

The FTSE 250-listed firm also stated its "strong cash position" had further improved and was now expected that average daily net cash for the full year would be in excess of £180.0m.

As of 0850 BST, Morgan Sindall shares were up 11.35% at 2,080.0p.