Financial

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 year’s £81m, which itself fell…

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 to Araglin Holdings’ annual report.…

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 review. The FTSE 250 contains…

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 rates. A TopHat spokesperson said:…

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 amid “particular pressure in the…

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 specialist RMD Kwikform both filed…

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 they were priced at in…

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 penny in the pound. The…

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 in January 2023. Weeks later,…

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 product availability”, with reduced construction…