Morgan Sindall trading in line with expectations

Morgan Sindall has announced that it remains on track for 2008 as a result of a positive start to the year. Trading is in line with expectations.

John Morgan, executive chairman, is not quite so sure as to what will happen next. “Any prolonged slowdown in certain sectors may impact 2009 and beyond,” he told shareholders this morning at Morgan Sindall’s annual meeting.

The latest news of the various divisions is:

Fit-out

The market has held up over the first quarter although the credit crisis has led to subdued fit-out activity in the financial services sector.

Construction

Satisfactory start to 2008. The commercial sector is reported to be quieter but opportunities still surface in the public sector. The orderbook has strengthened.

Infrastructure Services

The year started will with a “strong pipeline of opportunities driven by investment in transport, power and rail infrastructure”.

Affordable Housing

Growth in turnover in the refurbishment and social new build activities.

Overall, Morgan Sindall’s orderbook has been maintained at £4.3bn while the cash balances to date are above those achieved last year.