Housebuilder Morgan Sindall Group PLC (LSE:MGNS)'s share price spiked this morning after it defied the market with 7% quarterly growth in its order book.
The housebuilder reiterated its full-year guidance today for 2023, saying that it “remains on track” to deliver in line with expectations.
The trading update came after it said both construction and infrastructure performed “better than expected” in the period since it announced its half-year results in August.
Its Fit Out, Construction and Infrastructure segments offset a weaker performance in property services, the housebuilder said.
Morgan Sindall said its order book was £9.1 billion by the end of September, up 7% from the year-end position.
It said that net cash for the year to date, through to 27 October, was £275 million, £44 million of which relates to amounts held in jointly controlled operations or for future payments to suppliers.
The housebuilder signalled that its average daily net cash for the year will be about £270 million, above previous guidance.
Morgan Sindall’s chief executive John Morgan said: "General market conditions remain challenging yet manageable.
“Against this backdrop, our high-quality secured order book and our operational delivery capabilities give us great confidence for the rest of the year and we're on track to deliver a full year performance which is in line with our expectations."
The company's share price peaked this morning at 1,995.48p per share, up from a closing price of about 1,902p yesterday before settling at 1,972p by 9.54 am, almost 4% above last night's closing price.