<strong>MARK HOWSON</strong> RBS<br />"Morgan Sindall’s update has provided some good news in the shape of heightened enquiries in the fit out business going forward as the lack of readily available Grade A properties starts to see the fit out market perk up. Property agents will be wanting to tart up properties to achieve faster sales. But the construction business will be hit when the government cuts spending, but the group has made enough cost reductions to still be financially sound."<br /><br /><strong>ANDY BROWN</strong> PAN MURE GORDON<br />"The first half results are in-line with expectations with pre-tax profits down 28 per cent. There was a good margin performance in Construction, now 1.5 per cent, helped by good demand from the public sector (health, education). The company’s short-term pipeline remains healthy although some uncertainty exists beyond 2011. Affordable Housing has again been impacted by soft open market demand but recently reservations have picked up."<br /><strong><br />RICHARD CURR</strong> PRIME CFDS<br />"Last week we estimated that previous forecasts for Morgan Sindall were "too bearish". These results are a case in point, and show the workings of a company and management team in the process of implementing an effective strategy for the company to not only work through the downturn, but to emerge with a strong net cash position to benefit from the opportunities the market will present."