Financial

Financial woes in the construction sector deepened in the fourth quarter (Q4) of last year with 7,849 firms now on the brink of collapse, according to Begbies Traynor. In its latest quarterly Red Flag Alert – issued today (22 January) – the insolvency practitioner added that 83,332 construction companies were…

Homes England could lose up to £9.2m from the administration of Stewart Milne Group. Manchester-based Stewart Milne Homes North West England (Developments) Ltd went into administration on 12 January and has a different administrator to that of the rest of the housebuilding group, which folded four days earlier. The English…

Brickability has bought cladding and roofing contractor Topek Southern Ltd (TSL) in a deal worth up to £48m. The building-materials specialist said the move would expand its cladding installation and remediation capabilities across the country, complementing its acquisition of Group Topek Holdings in October. The deal consists of a £27.3m…

CN100 contractor Dodd Group has grown both turnover and profit. The Shropshire-based firm, which specialises in mechanical and electrical projects as well as repair and maintenance of public sector buildings, turned over £206.7m for the 12 months to 31 March 2023. This was up 23 per cent from the previous…

Kier and Galliford Try have reported positive financial updates, defying gloomy reports of industry stagnation. Kier told investors that the second half of 2023 saw it “continue to trade above the prior period” and experience “strong volume growth, particularly in construction”. The company also drastically cut average month-end net debt,…

Story Contracting has seen its profit plummet despite soaring revenue. The Cumbrian civils specialist, placed 82nd in the most recent CN100, posted turnover of £226.8m for the 12 months to 31 March 2023. This was up more than a quarter on the previous year but pre-tax profit dropped 70 per…

Hercules Site Services has recorded its highest ever revenue amid a surge in infrastructure investment. The labour-supply company posted a 71 per cent increase in turnover for the year to 30 September, reaching a record £84.7m. This led to a pre-tax profit of £640,000, quadruple the previous financial year’s total…

Clients, investors and economists gave their predictions for 2024 Construction News often covers the travails of contractors – but what about the other side of the industry? The new CN Forecasting event heard from clients, investors and economists about their view of the year ahead. These were their main predictions:…

Glencar has grown its profit despite a dip in turnover. The Hertfordshire-headquartered contractor posted a pre-tax profit of £3.4m for the 12 months to 30 September 2023, a quadrupling of the amount it earned the previous year, when it made under £800,000. The increase came despite the group’s revenue dropping…

Construction output has fallen for a second successive month, according to official figures. The Office for National Statistics found that £15.6bn of work was carried out in the sector in November 2023. This was down 0.2 per cent on October and 0.6 per cent on September, and represented a six-month…