Broker snap: Morgan Sindall still in good shape

10th Aug 2009 14:02

KBC Peel Hunt thinks Morgan Sindall is still in good shape following this morning's interim results and keeps its 'hold' recommendation on the construction and regeneration group. Pre-tax profits fell by 28% from the previous year to £20.5m and the outlook remains challenging, but with net cash of £89m, the broker believes 'the company looks operationally and financially robust.''Despite the long-term value in this well managed group we maintain our HOLD recommendation and 500p target,' KBC Peel says.