Morgan Sindall saw its share price surge this morning after upgrading its full-year performance forecast for the third time this year.
The FTSE250 contractor, which came second in the 2025 CN100 list, told the markets it expects its group performance for 2025 to now be “significantly ahead of its previous expectations”.
Morgan Sindall’s optimism is due to “strong trading” in its fit-out business, where it expects profits to “significantly exceed” its previous forecasts.
The contractor’s trading update saw the group’s share price jump by around 10 per cent to above £48 this morning.
The firm previously upgraded its group performance forecast in March and June this year.
Morgan Sindall’s fit-out division, which includes subsidiaries Morgan Lovell and Overbury, has a current order book of £1.6bn.
The figure is 8 per cent up on the half-year position, the firm said on Thursday.
Morgan Lovell focusses on office fit-outs, while Overbury works in the office, higher education and science facilities sectors.
Overall the group has a total secured order book of £12.2bn, which is 2 per cent ahead of its half-year and 7 per cent up on the 2024 year-end position.
In its last full-year Morgan Sindall reported increased group pre-tax profits of £171.9m off revenue off revenue of £4.5bn.
The firm’s housebuilding subsidiary, Lovell, has also secured some significant new jobs.
Earlier this week, Lovell was chosen as preferred developer on a 3,500-home regeneration scheme in Birmingham.
And last month Lovell signed a development agreement with Cardiff Council and Vale of Glamorgan Council to deliver 2,500 new homes across 25 sites.
Morgan Sindall also said both its construction and infrastructure divisions “remain on track to deliver profits in line with previous guidance and continue to be supported by high quality growing order books”.
However the group’s mixed-use partnerships business – Muse Places – is faring less well. The subsidiary’s operating losses are expected to be nearly double the £1.5m reported in the group’s half-year, the filing said.
Its performance reflects “increased investment costs both on schemes yet to start on site and relating to future opportunities”, the update said.
In its 2024 full-year, Muse Places reported a 68 per cent drop in pre-tax profit to £9.2m as turnover more than halved to £90.5m.
