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Morgan Sindall heading for record profits

Morgan Sindall said it is on target to achieve record profits this year thanks to a raft of publicly funded jobs.

In a trading statement today the group its order book is robust at £3.8 billion with a development pipeline of £1.3 billion in its urban regeneration division.

Morgan Sindall added that the decline in activity in the construction sector is being offset by its range of activities.

Some 70 per cent of its work in the construction sector is now generated from the public sector and the Government has promised a ramp-up in affordable housing projects.

The statement said: “The group is financially robust and remains on track to achieve a record result in 2008 with each of our divisions performing in line with our expectations.

“In the current economic climate each division is putting an increased emphasis on cash management, cost reduction and supply chain improvements, as well as responding to market growth opportunities where they present themselves.

“We therefore remain well placed to meet the challenges and opportunities we face in 2009 and to deliver long term sustained growth.”