Finance News Analysis and Opinion: Construction Results, Trading News

Kier slashes debt and increases cash

Ian Weinfass — Thu, 18 Jul 2024 10:08:40 +0000

Kier has more than doubled its net cash, it revealed in a trading update on Thursday morning (18 July). At the end of its latest financial year, for the 12 months to 30 June 2024, the contractor’s net cash hit £165m, up from £64m in…

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Mace posts record £2.3bn revenue

Ben Vogel — Wed, 17 Jul 2024 09:11:26 +0000

Mace has posted record turnover and profit figures in its latest annual accounts, including its highest construction revenue for five years. Turnover rose by 25 per cent in the 2023 calendar year to reach £2.36bn while pre-tax profit soared by 69 per cent to £61.7m.…

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Steel specialist reports small profit drop amid market contraction

Joshua Stein — Wed, 17 Jul 2024 08:00:50 +0000

Steel specialist J&D Pierce has reported a small drop in profit following tough market conditions. The Ayrshire-based specialist, which delivered structural steelwork for Liverpool Football Club’s £80m Anfield Road stand revamp (pictured) last year, tabled a pre-tax profit of £13.3m in the year to 31…

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Blenheim House applies for administration

Will Ing — Tue, 16 Jul 2024 10:18:56 +0000

Blenheim House Construction has applied to enter administration after 28 years of trading. The Surrey-headquartered contractor turned over £86.6m and employed an average of 84 staff in the year to 30 April 2023. It specialises in refurbishment but has also built new housing, education and…

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Facade specialist goes under after 120 years

Ian Weinfass — Fri, 12 Jul 2024 14:38:14 +0000

Charles Henshaw & Sons has filed for administration after 120 years of trading. Directors of the Edinburgh-based envelope specialist blamed issues with legacy contracts and main contractor delays on new project starts for causing it to become loss-making. Administrator Shona Campbell at Henderson Loggie is…

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Output increase gives industry ‘much-needed boost’

Charlotte Banks — Thu, 11 Jul 2024 12:04:23 +0000

Clement weather helped the construction industry to grow in May, reversing a three-month decline. Construction output jumped by 1.9 per cent, outpacing growth of 0.4 per cent across the whole UK economy, according to the Office for National Statistics (ONS). Output still slowed overall by…

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Galliford Try expects revenue to top £1.6bn

Ian Weinfass — Thu, 11 Jul 2024 11:37:19 +0000

Galliford Try has said its turnover is set to exceed £1.64bn in its latest financial year. In a trading update for the 12 months to 30 June 2024, published this morning (11 July), the contractor said its turnover would be above the upper end of…

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Crest Nicholson ‘minded’ to accept Bellway’s £720m takeover bid

Will Ing — Wed, 10 Jul 2024 14:43:52 +0000

Crest Nicholson looks set to merge with Bellway in a £720m takeover deal, after its management backed the latest proposal. The merger between Crest and Bellway, which have turnovers of £780m and £1.25bn respectively, would create further consolidation in the housebuilding sector - with two…

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Barratt puts aside £192m for building remediation

Joshua Stein — Wed, 10 Jul 2024 11:17:11 +0000

Barratt Developments has put aside £192m to remediate dangerous buildings. In a trading update published this morning (10 July), the housebuilder said the “legacy property” sum includes £61.9m relating to increased contingency for fixing fire safety and external wall systems, from the first quarter of…

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Willmott Dixon reports loss after supplier collapse cost £13m

Joshua Stein — Wed, 10 Jul 2024 07:28:28 +0000

Willmott Dixon has suffered a second successive loss after the collapse of a major mechanical and electrical (M&E) subcontractor cost it £12.8m. Willmott Dixon did not name the subcontractor but said it had been completing works on two unnamed projects when it went under last…

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