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Morgan Sindall reports record fit-out order book

Morgan Sindall has reported a record order book in its fit-out division in a trading update this morning.

The contractor said fit-out orders as of 31 March 2017 were up 17 per cent year on year, reaching a record level of £544m.

On the back of this performance, the firm said it was now on course to beat previous expectations reported alongside its full-year results in February.

Morgan Sindall’s total order book increased 5 per cent over the same period to stand at £3.83bn, while its regeneration and development pipeline was up 2 per cent to £3.28bn.

The contractor reported net cash of £115m at 31 March, with the average daily net cash in the first three months of the year standing at £154m.

The firm added that this was again ahead of expectations, due to improved working capital management in its construction and infrastructure arm as well as its fit-out division.

Commenting on the trading update, chief executive John Morgan (pictured) said: “We have had a strong start to the year, and with our strategy geared towards those areas of the economy we expect to grow strongly, together with the size and quality of our order book and pipeline, we are confident that the momentum we have seen so far is set to continue.”

In its most recent full-year results for the year to 31 December 2016, Morgan Sindall posted a pre-tax profit of £43.9m, compared with a pre-tax loss of £14.8m in the previous year, when it was hit by exceptional items on longstanding contract disputes.

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