Morgan Sindall Group PLC (LSE:MGNS) shares added 12% on Tuesday after the FTSE 250-listed construction group upgraded its full-year profit forecasts.
Morgan Sindall said its fit-out division “continued to strengthen significantly due to exceptional volumes and is now expected to materially exceed the group's previous expectations”.
The group added that both the construction and infrastructure divisions “are on target to meet their revenue and margin medium-term targets this year”.
In response, shares flew to a new all-time high of 3,658p each. Year to date, Morgan Sindall is up by more than two thirds.
The UK construction sector is on a rip across the board.
Output grew at the fastest rate in two-and-a-half years last month, with the S&P’s construction purchasing managers index climbing from 53.6 to 57.2 in September, marking the strongest upturn since April 2022 and a seventh successive month of growth.
“A combination of lower interest rates, domestic economic stability and strong pipelines of infrastructure work have helped to boost order books in recent months,” S&P economics director Tim Moore stated.