Morgan Sindall confidence on outlook despite market conditions

(Sharecast News) - Morgan Sindall sounded a confident note on the outlook despite the "challenging market conditions". "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," said chief executive officer John Morgan.

By business units, the company said that strength in Fit Out, Construction and Infrastructure were offsetting weakness in Property Services.

Partnership Housing and Urban Regeneration meanwhile were progressing as planned.

The company's workload was described as "growing" and of "high quality", with the total secured order book ahead by 7% as of 30 September.

Average daily net cash for the full-year was seen at approximately £270m, which was slightly higher than previous guidance.

As of 1347 GMT, shares of Morgan Sindall were bouncing back sharply to trade up by 4.74% to 1,988.0p.