Morgan Sindall ups profit guidance and welcomes construction sector being open for lockdown 2

Construction group Morgan Sindall has upped profit guidance and welcomed that building work is still allowed to go on during the looming second lockdown.

‘Super-sewer’ builder Morgan Sindall, which is working on part of the Thames Tideway tunnel, said it expects to deliver a full-year performance “slightly above” the top end of the previous guidance range.

Pre-tax profits for the year to December had initially been expected to come in at £50 million-£60 million.

At the time of the half year results, the firm said there remained sufficient market uncertainty so as not to declare an interim dividend at that time. It has now declared an interim dividend of 21p per share to be paid in December.  

Many construction sites were closed at the start of the first lockdown in March as firms paused to make sure work could be done with social distancing rules in place.