Shares in construction group Morgan Sindall rocketed in trading on Thursday after the company said it expects its 2021 performance to be “materially ahead of previous expectations”.
Although profit fell in 2020, the company’s order book grew and balance sheet strengthened, according to its full-year results.
“The size and quality of the group’s growing secured workload at well over £8bn leaves it well-positioned for the future and is on track to deliver a result which is materially ahead of its previous expectations and slightly ahead of that delivered in 2019,” the results announcement read.
Its shares rose by almost 13%, the best increase of any FTSE 100 or FTSE 250 stock. At 1,676p per share, the stock is now at its highest level since last March.
After a mixed trading statement, West End landlord Shaftesbury finished the day down by 3.4% at 630p.
The company said today that it has received 45% of rent owed for the quarter ending December, and 36% of January rents.
However, chief executive Brian Bickell sees light at the end of the tunnel, telling shareholders: “The relaxation of pandemic restrictions will herald the revival of the West End’s economy in the months ahead, with a gradual return of local and domestic footfall and the reopening of hospitality businesses, shops and its world-renowned cultural and leisure attractions.”
The FTSE 100 ended the day at 6,651, down by 0.1%. The FTSE 250 was down by 0.5% at 21,198.
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