Morgan Sindall is predicting its 2021 results will be ‘significantly ahead of our previous expectations’ with its construction division leading the way after last spring’s Covid shock.

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The total secured workload for the Group, as of March 31st 2021, was £8.1bn, up 8% from the corresponding prior year position (down 2% from the 2020 full year position). The construction part of that accounted for £4bn and was 15% higher compared to 12 months ago.

The average daily net cash from January 1st to April 20th was £288m (of which £68m was held in jointly controlled operations or held for future payment to designated suppliers). This represented an increase of £154m over the average for same period last year. The company is forecasting the average for the full year will be £180m. It was £181m in 2020.

John Morgan, Chief Executive, said: “Since the start of the year, the positive momentum across the Group has continued to accelerate and with the Group geared towards demand for affordable housing, urban regeneration and infrastructure and construction investment, I am excited by the significant opportunities ahead.

“Our high-quality secured workload and our operational delivery capabilities give us great confidence for the rest of the year and as such, we expect to deliver a full year performance significantly ahead of our previous expectations.”

The company has been boosted by its selection as West Sussex County Council’s 30-year Joint Venture partner which will see Morgan Sindall manage the development of surplus Council land into new homes and commercial premises, with an initial immediate pipeline of 10 sites already identified