logo-loader

Morgan Sindall shares rise after rosy trading update

Last updated: 20:28 19 Jul 2017 AEST, First published: 18:59 19 Jul 2017 AEST

Construction worker
Morgan Sindall said it now anticipates that its full year results will be "significantly ahead of its previous expectations"

Morgan Sindall Group PLC (LON:MGNS) saw its shares gain this morning after the construction firm said that first-half trading has been substantially ahead of the corresponding period last year, driven by improvements in margins and profits.

In a trading update for the six months to June 30, the small cap firm said its half-year results are expected to show pretax profit in the region of £23.5mln, around 45% higher than in the previous year. 

It added that its cash performance has again been strong, with average daily net cash for the first half of £132mln. 

Morgan Sindall said it now anticipates that its full year results will be "significantly ahead of its previous expectations" driven by a strong performance in its Fit Out businesss.

In mid-morning trading, Morgan Sindall shares were up 5.6%, or 68p at 1,288p.

The group will announce its half-year results on August 8.

 

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

4 hours, 11 minutes ago