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Morgan Syndall says London office death exaggerated

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Organ Cyndal say the death report of London office Strong demand for workplace equipment has helped construction companies report record results.

city Its founder and CEO, John Morgan, told The Standard. workplace It will help drive “outstanding order books” for that part of the business and boost full-year earnings guidance.

As the 25-year lease expires, especially about Canary Wharfhe expects demand to increase for “some serious, heavy-grade equipment” as residents need to change after the impact of the pandemic.

“We see companies thinking about what the future will look like and what they will need in the future. They may need less space, but they need better space. Yes, we need another space…the existing trend of more people working flexibly, fewer rows of large desks and more collaboration spaces is accelerating.”

FTSE 250 companies reported a record set of results for the six months to 30 June, with revenues up 9% to £1.7bn and adjusted profit before tax up 3% to £54.6m.

John Morgan described inflation as the company’s “biggest headwind”, with labor costs for some parts of the construction industry rising 10%, while the cost of some materials rose about 23%. doing. To mitigate the impact, the company is ordering materials up to a year in advance.

Over the half year, Morgan’s fit-outs operating profit increased 10% to £21.2m.

“Overall, less square footage will be used for offices, but I think the quality will be much higher,” said John Morgan. “London looks vibrant again”.

Morgan Syndall says London office death exaggerated

Source link Morgan Syndall says London office death exaggerated

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