Construction firm Morgan Sindall Group PLC (LON:MGNS) has issued an ‘in line’ trading update for the full year, while also saying its average daily net cash would be ahead of previous guidance.
The group said trading in the second half of the year had “remained strong” and that it was on track to deliver a performance in line with expectations set in its half-year results on 8 August.
READ: Morgan Sindall impresses the brokers with display of balance sheet strength
Morgan also said its average daily net cash for the full year was expected to be over £90mln, ahead of what it had previously forecast.
However, the company said its committed order book was £3.4bn as of 30 September, 11% lower than the year-end position and down 5% from the half year while its regeneration & development pipeline was up 2% from the year-end at £3.3bn but down 2% on the half year.
In its divisions, the group said its construction & infrastructure arm delivered "further margin improvement" in the quarter, with both expected to achieve margins of 2% in the second half.
Meanwhile, the fit out segment forecast revenue and profit growth for the full year while Morgan’s regeneration activities division saw its partnership housing arm perform as planned and expected its urban regeneration segment to "slightly improve" its performance compared to last year as some scheme completions were running ahead of schedule.
In late-morning trading, Morgan Sindall shares were down 2% at 1,162p.