Business
AGM & Interim Mgmt Statement
AGM & Interim Mgmt Statement.
About this update from Morgan Sindall Group Plc
[{"type":"text","content":"\n Morgan Sindall PLC\n22 April 2008\n\n\nMorgan Sindall plc\n\n\n22 April 2008\n\n\n AGM and Interim Management Statement\n\nAhead of today's Annual General Meeting, to be held at ABN AMRO, 250\nBishopsgate, London EC2M 4AA at 12pm, Morgan Sindall plc ('the Group') announces\nits first Interim Management Statement as required by the UK Listing Authority's\nDisclosure and Transparency Rules.\n\nAt the AGM, John Morgan, Executive Chairman of Morgan Sindall plc, will give the\nfollowing trading update for the period from 1 January 2008 to date.\n\n'Morgan Sindall has made a positive start to the year and is trading in line\nwith our expectations.\n\n'Fit Out's revenue is in line with the same stage last year. The wider fit out\nmarket has held up over the first quarter although the credit crisis has led to\nsubdued fit out activity in the financial services sector. The division benefits\nfrom an increasingly wide sector spread and the short term order book remains\nhealthy. As we have commented before, the longer term outlook for the fit out\nmarket remains uncertain.\n\n'Construction has made a satisfactory start to 2008, continuing with its focus\non its key sectors of health, education, light industrial, retail and defence.\nAlthough the commercial sector is quieter, the division continues to see\nopportunities in the public sector. The order book has strengthened since the\nstart of the year and the outlook for the general construction market remains\npositive.\n\n'Infrastructure Services has also started the year well securing major new road\nprojects at the M74 in Glasgow and the A1073 in Lincolnshire, in particular.\nThere is currently a strong pipeline of opportunities driven by investment in\ntransport, power and rail infrastructure.\n\n'Affordable Housing has seen growth in revenues in its refurbishment and social\nnew build activities. Inevitably the division's open market activities have been\nimpacted by the availability of mortgages to first time buyers and market\nconditions are significantly tougher than a year ago. However, it is important\nto note that sales of open market homes accounted for less than five per cent of\nthe Group's revenue in 2007. We expect mixed tenure regeneration to drive future\ngrowth in the sector and the division has been successful in securing a number\nof these schemes in the first quar...