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Morgan Sindall guides for full year performance 'slightly' ahead of expectations
StockMarketWire.com
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Construction firm Morgan Sindall said it expected full year profit to be slightly above the top end of its previously guided range of £50 million to £60 million.
The company announced plans to pay an interim dividend of 21p per share, in line with 2019's payment as it noted 'momentum within the group's operations has continued to increase following the Covid-related disruption in the first half'.
Morgan Sindall added that average daily net cash for 2020 would be ahead of previous guidance at more than £150 million, up from £99 million in 2019.
The total secured workload for the group as at 30 September 2020 was £7.9bn, up 5% from the year end position and level with the half year.
John Morgan, chief executive, said: 'Following the disruption earlier in the year, all of the Group's activities are now fully operational again and delivering high levels of productivity.
'We welcome the prime minister's clear statement that construction activity should continue through the new lockdown restrictions in England for November and we anticipate operating safely throughout with minimal impact.
'Our high-quality secured workload gives us good visibility for the rest of the year and as such, we now expect to deliver a full year performance slightly above the top end of our previous expectations.
'Our strong cash generation, position and balance sheet remain key differentiators. These, together with the improved outlook for the year, have enabled us to repay furlough monies and resume dividend payments as declared today.'
Story provided by StockMarketWire.com
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