Morgan Sindall is on target to achieve expectations but remains mindful of the challenges facing the industry and is shaping its business accordingly, the firm revealed today.
In a trading update for the period 1 July to 9 November 2009 Morgan Sindall said its performance is underpinned by a £3.4 billion order book.
The order book has fallen slightly from £3.5 billion when Morgan Sindall announced its half year results for the six months to 30 June 2009.
But the contractor also has over £900 million of projects at preferred bidder stage.
The firm said: “Given the group’s increased capability to deliver projects of greater scale and complexity we expect this higher level of work at preferred bidder stage to remain a more notable feature of our order pipeline in the future.”
Morgan Sindall has cut costs by £35 million over the past year and each division continues to particularly focus on cash management, cost reduction and supply chain improvements, as well as responding to market growth opportunities where they present themselves.
Bosses said the group remains financially robust with cash balances continuing to improve and £100 million.