Firm says pipeline of regeneration jobs has risen sharply
Morgan Sindall鈥檚 forward order book has reduced by 拢200m since it reported half yearly results in August, the contractor said in a trading update today.
Morgan Sindall said that it currently has 拢3.3bn of contracted forward orders, compared to 拢3.5bn in August, but that the reduction was more than made up for by 拢0.3bn of contracts at preferred bidder stage.
On the development side of the business the firm said its pipeline of jobs at preferred developer stage had grown by 拢100m since its interim management statement in November. Following the firm鈥檚 shift toward regeneration projects, announced in August, its contracted pipeline has grown from 拢1.8bn to 拢2.2bn.
Overall the company said it was on track to meet market expectations despite 鈥渕ixed鈥� market conditions. In the last month it has been selected, in joint venture with Vinci, as preferred bidder on a 拢500m overhead power line framework for National Grid, as well as a share of the Whitechapel Main Station Works Crossrail contract worth 拢110m.
The update today said: 鈥淲e remain confident of meeting our expectations for 2011. Although we are cautious about 2012 we believe our medium term prospects have improved over the course of 2011 with our greater emphasis on regeneration being reflected in a growing regeneration pipeline.鈥�
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