{"id":508201,"date":"2024-10-22T17:30:19","date_gmt":"2024-10-22T16:30:19","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=508201"},"modified":"2024-10-22T17:30:19","modified_gmt":"2024-10-22T16:30:19","slug":"morgan-sindall-profit-to-beat-expectations","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/financial\/morgan-sindall-profit-to-beat-expectations-22-10-2024\/","title":{"rendered":"Morgan Sindall profit to beat expectations"},"content":{"rendered":"

Profit at Morgan Sindall is set to exceed expectations due to the strength of its fit-out and partnership housing arms.<\/p>\n

In a trading update released on Tuesday morning (22 October), the contractor said profit at its fit-out arm Overbury had strengthened significantly due to exceptional volumes.<\/p>\n

It is \u201cexpected to materially exceed the group\u2019s previous expectations\u201d, the company said.<\/p>\n

Overbury\u2019s secured order book as of 30 September 2024 was \u00a31.3bn, up 15 per cent from its 2023 year-end position.<\/p>\n

Earlier this month Overbury was confirmed on a circa \u00a350m job to fit out 1 Triton Square<\/a>, the former Facebook headquarters, in North London (pictured), for a joint venture between British Land and Royal London Asset Management Property.<\/p>\n

The trading update added that profit from Morgan Sindall<\/a>\u2019s partnership housing arm Lovell were slightly ahead of its previous expectations.<\/p>\n

It said that both construction and infrastructure were on course to hit revenue and margin targets, while trading was subdued in its mixed-use partnerships business.<\/p>\n

Morgan Sindall\u2019s half-year results, released in August<\/a>, showed the group turned over \u00a32.21bn in the six months to 30 June, up from \u00a31.94bn a year earlier. It posted a pre-tax profit of \u00a370.1m, compared with \u00a359.8m in the same period in 2023.<\/p>\n

Operating profit at Overbury reached \u00a341.3m in the first half of 2024, up from \u00a330.4m.<\/p>\n

At the time, Morgan Sindall chief executive John Morgan said the strong first-half performance meant the full-year result was expected to exceed expectations. Today\u2019s announcement said that results will be \u201csignificantly ahead\u201d of those revised expectations.<\/p>\n

The contractor, the UK\u2019s second largest, had a total secured order book of \u00a38.9bn as of 30 September, up 3 per cent from its half-year position and in line with 2023.<\/p>\n

Daily average net cash stood at \u00a3374m between 1 January and 18 October, up from \u00a3273m in the prior year.<\/p>\n

It is due to publish its results for the 12 months to 31 December 2024 in February 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"

Profit at Morgan Sindall is set to exceed expectations due to the strength of its fit-out and partnership housing arms. In a trading update released on Tuesday morning (22 October), the contractor said profit at its fit-out arm Overbury had strengthened significantly due to exceptional volumes. It is \u201cexpected to materially exceed the group\u2019s previous …<\/p>\n","protected":false},"author":43915,"featured_media":506992,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[552,540],"tags":[],"class_list":["post-508201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial","category-morgan-sindall"],"yoast_head":"\nMorgan Sindall profit to beat expectations | Construction News<\/title>\n<meta name=\"description\" content=\"Profit at Morgan Sindall is set to exceed expectations due to the strength of its fit-out and partnership housing arms. 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