Finance News Analysis and Opinion: Construction Results, Trading News

GF Tomlinson inches back into the black

Ben Vogel — Tue, 05 Mar 2024 07:00:44 +0000

GF Tomlinson Group returned to profit in its 2022/23 financial year despite a third consecutive annual fall in revenue, according to its latest accounts. Turnover of £66.2m for the 12 months ending 30 June 2023 marked an 18 per cent year-on-year decrease on the previous…

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Carey pre-tax profit slides despite turnover boost

Ben Vogel — Mon, 04 Mar 2024 07:00:22 +0000

Carey Group posted higher turnover in its 2022/23 financial year but a profit slump almost eliminated its margin, its parent company’s latest accounts show. In the 12 months to 30 September 2023, the contractor’s turnover increased by 9.8 per cent from £366.4m to £402.4m, according…

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Kier rejoins FTSE 250 index

Ian Weinfass — Fri, 01 Mar 2024 11:30:39 +0000

Kier Group will return to the FTSE 250 Index later this month after a five-year absence. London Stock Exchange indices producer FTSE Russell announced on Wednesday (28 February) that the contractor would re-enter its mid-cap list on 18 March after the implementation of its next…

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Modular builder TopHat consults on 70 job cuts

Charlotte Banks — Thu, 29 Feb 2024 12:31:07 +0000

Volumetric builder TopHat has launched a consultation over 70 potential job cuts, Construction News understands. The Derby-based firm blamed a “challenging market” for the cost-cutting measures. It comes as the UK has seen a sharp fall in housebuilding, partially caused by an increase in interest…

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Equans Regeneration quits new-build work after £136m loss

Ben Vogel — Thu, 29 Feb 2024 09:22:23 +0000

Equans Regeneration is exiting the new-build housing market after it reported a £135.6m loss for 2022. In its first published accounts since being acquired by Bouygues in October 2022, the group admitted that higher turnover failed to prevent a plunge into the red in 2022…

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Rye Demolition enters administration

Charlotte Banks — Thu, 29 Feb 2024 09:13:57 +0000

Rye Demolition has gone into administration, having been hit by two winding up orders. The Aylesbury-based demolition specialist, which has worked with housebuilders such as Barratt Homes, Taylor Wimpey and Berkeley Group, appointed administrators from Voscap today (28 February). Construction labour agency Lonsite and formwork…

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Northern Ireland: major-projects cost balloons by 44%

Joshua Stein — Wed, 28 Feb 2024 07:00:22 +0000

The cost of Northern Ireland’s biggest construction projects has soared by £2.45bn, with a major contractors’ organisation warning that inflation is leading to schemes being scrapped. The anticipated cost of 77 capital projects has reached a combined £8.08bn, up 44 per cent from the £5.63bn…

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Stewart Milne supply chain owed £153.8m

Charlotte Banks — Fri, 23 Feb 2024 12:50:14 +0000

Stewart Milne’s supply-chain creditors are set to lose almost all of the £153.8m they are owed, according to administrators. So far, 1,375 unsecured creditors have come forward, although administrators from Teneo expect the number to increase. Any payout is expected to be less than a…

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Britishvolt administrators look for new buyer after deal stalls

Ian Weinfass — Fri, 23 Feb 2024 12:32:21 +0000

Administrators for Britishvolt are speaking to new potential buyers after the company that struck a deal to buy it one year ago failed to pay what it owes. Britishvolt, which planned to build a £3.8bn vehicle-battery plant in Cambois, near Blyth, Northumberland, went into administration…

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Material prices stable but Middle East crises threaten inflation

Will Ing — Fri, 23 Feb 2024 07:00:20 +0000

Material prices are remaining stable or falling slightly but crises in the Middle East threaten to inflate products including plywood and semiconductors, the Construction Leadership Council (CLC) has said. In its latest update, the CLC’s Material Supply Chain Group said 2024 continues to see “good…

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