Morgan Sindall today said that it has made a positive start to 2011 and made strategic progress last year to leave it well positioned to make the most of growing sectors and to face challenges that lie ahead.
In its Interim Management Statement it said that construction and infrastructure is trading in line with expectations and its order book has increased since the start of the year, to be level with the corresponding period last year.
Significant wins since January include the £50M Pudding Mill Lane Crossrail contract as well as a place on two lots of the £500M Smarte East Alliance framework. While we anticipate the market will remain competitive, the division continues to pursue a number of significant opportunities particularly in the power distribution, airports and rail sectors where growth is being driven by investment in economic infrastructure.
Overall, the Group’s forward order book has increased since the start of the year from £3.6bn to £3.8bn and Group’s development pipeline has increased by £350M to £1.8bn. It added that the financial position of the Group remains strong, with average cash for the year to date increasing slightly over the level achieved for the comparable period in 2010 and is above the average level expected for the year.