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Highlights:
- Morgan Sindall (LSE:MGNS) upgrades full-year profit forecasts, driven by strong performance in the fit-out division.
- Shares hit a record high of 3,658p, rising over two-thirds year to date.
- UK construction output grew at its fastest rate in two-and-a-half years, according to the latest PMI data.
Morgan Sindall Group PLC (LSE:MGNS) saw its shares jump 12% on Tuesday after the construction company upgraded its full-year profit forecasts. The FTSE 250-listed group highlighted significant strength in its fit-out division, which has exceeded expectations due to exceptional project volumes.
The company also noted that its construction and infrastructure divisions remain on track to meet their revenue and margin targets for the year, further boosting investor confidence.
Following the positive update, Morgan Sindall shares reached a new all-time high of 3,658p. The stock has surged by more than two-thirds so far this year, reflecting the company’s strong performance amid favorable market conditions.
The broader UK construction sector has been experiencing rapid growth, with output expanding at its fastest pace in over two years. In September, the construction purchasing managers index (PMI) rose from 53.6 to 57.2, the strongest growth since April 2022 and the seventh consecutive month of expansion.
S&P economics director Tim Moore attributed the sector's momentum to a combination of lower interest rates, domestic economic stability, and strong infrastructure project pipelines, all contributing to increased order books across the industry.
