Construction and regeneration group Morgan Sindall has today announced its Interim Management Statement covering the period 1 July 2008 to 12 November 2008.
Morgan Sindall remains on track to achieve its expectations for the current year and continues to be well positioned as a result of its broad spread of activity across the construction sector. Our strategy remains one of developing market leadership in all the sectors in which we operate.
The Group’s forward order book has softened slightly to £4 billion from £4.2 billion at 30 June 2008. In the current economic climate each of our divisions 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.
The Group remains financially robust with average cash balances for the year to date above the level achieved for the corresponding period in 2007 and with £75 million of committed banking facilities in place, there having been no significant change in the Group’s financial position since the publication of the Interim Report for the six months to 30 June 2008.
In summary, Morgan Sindall is on track to achieve a record year in 2008 and is well placed to meet the challenges and opportunities we face in 2009 and to deliver long-term sustained growth.