StockMarketWire.com - Morgan Sindall said group performance has been in line with directors' expectations, as set out in February, and that it remains in a strong position to deliver on its FY expectations.

"The Group's committed order book as at 31 March 2016 was GBP2.9bn, up 2% from the year- end position and the regeneration & development pipeline was up 4% to GBP3.3bn," the company said in a statement.

"The focus for Construction & Infrastructure has remained on improving its quality of earnings which is supporting the expected steady recovery in performance.

"Fit Out has maintained strong momentum, with no significant change in market conditions.

"The Partnership Housing business within Affordable Housing has progressed well, focusing on developing its mixed-tenure schemes and is expected to show a weighting towards the second half of the year as usual. Property Services is in line to deliver a break-even performance for the first half of the year, slightly ahead of target.

"Urban Regeneration has made good progress in further developing its existing regeneration portfolio, whilst Investments continues to work closely with the other divisions to secure higher quality construction and regeneration opportunities.

"Average daily net debt from the start of the year to 3 May was GBP29m (of which GBP15m is non-recourse debt). This was lower than previously anticipated primarily due to better working capital management and the phasing and structuring of investments in Partnership Housing and Urban Regeneration.

"Average net debt for the year is now expected to be in the range of GBP50m-GBP65m, slightly lower than previous guidance as set out at the time of the full year results of GBP60m-GBP70m."






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