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Analysts are again upgrading full year profit forecasts at Morgan Sindall after the firm鈥檚 second unscheduled trading update in three months said it would hit a record pre-tax profit in the first half.

The firm, which is expected to see annual profit top 拢100m for the first time in its 44-year history, said pre-tax profit for the six months to June would be around 拢53m 鈥� an increase of 46% on the 拢36.3m pre-pandemic figure it posted for the same period in 2019.

Previous consensus was that profit for the year would be around 拢109m but this has now been revised upwards to 拢122m 鈥� the third upgrade this year.

Numis analyst Jonny Coubrough said: 鈥淥ur FY21E PBT estimate is now 拢24m higher than our initial estimate set prior to the pandemic in February 2020.

鈥淭he group is clearly reaping the benefits of management鈥檚 self-help actions sowed over recent years.鈥�

Morgan Sindall said its net cash position had been strong, with average daily net cash for the first half of 拢294m, up from 拢153m on the first half last year. Net cash at 30 June was 拢337m, more than double the 拢146m last time.

In this morning鈥檚 update, the firm said trading across all parts of the business had been strong with its biggest division, construction and infrastructure, expected to see full-year numbers 鈥渟ignificantly stronger than previously expected鈥�.

Its fit-out arm is continuing to shrug off the effects of the pandemic with its order book at the half year up 42% to a record 拢581m.

The firm鈥檚 property services and partnership housing businesses were also improving their margins, the firm added.

Morgan Sindall is due to announce its interim results on 4 August.