Morgan Sindall's full year results to be 'significantly' ahead of expectations
Morgan Sindall Group today said that it anticipates that its full year results for 2021 will be significantly ahead of its previous expectations.
Morgan Sindall, which is a construction and regeneration group, has published an update on trading and the outlook for the 2021 financial year.
In a statement, Morgan Sindall said: "Since its last trading update on 22 April 2021, trading has been strong and the positive momentum across the group has continued to accelerate. All divisions have performed well and the results for the group for the six months to 30 June 2021 are expected to show profit before tax in the region of £53m, reflecting growth of c238% on the 2020 half year result2 and up c46% on the 2019 ‘pre- pandemic’ comparative period."
The group said its construction and infrastructure division has had strong margin and profit growth in the first half. This performance, together with the forward visibility provided by its order book, indicates a likely out-turn for the full year which is significantly stronger than previously expected, the group said.
The statement added: "Partnership Housing has continued to see high levels of market demand across the first half and further margin and profit growth is expected through the rest of the year."
"Urban Regeneration is trading as expected as its development schemes progress to plan."
"As a result, the group now anticipates that its full year results for 2021 will be significantly ahead of its previous expectations."