Financial

Warehouse and logistics contractor Benniman improved its profit margin last year despite a 21 per cent fall in revenue. The firm’s annual accounts for the year ending 31 December 2023, published on the Companies House website on Wednesday (17 April), showed that turnover dropped from £164.7m to £129.8m. However, pre-tax…

Contracting firm Geoffrey Osborne has filed for administration, but says it is in talks to sell the business to new owners. A notice announcing the company’s intention to appoint adminstrators was filed with the High Court shortly before 4pm yesterday (18 April) by legal representative Macfarlanes. In a statement (see…

Countryside Partnerships has been named as the replacement contractor on a 215-home development in Cheshire. Lane End Developments, which went into administration in April 2023 after takeover talks failed, was due to deliver the circa £41m Pavilion Park scheme in Helsby for housing association Onward Homes. Onward Homes announced this…

The High Court has issued instructions to close down Readie Construction’s employee ownership trust (EOT). Logistics and warehouse contractor Readie Construction appointed administrators from insolvency manager Begbies Traynor in February. Earlier today (17 April), Insolvency and Companies Court judge Catherine Burton issued a winding-up order against Readie Management Ltd (RML),…

Severfield has announced that its order book for the UK and Europe has risen to a record £511m. In a trading update this morning, the North Yorkshire-based structural steel specialist also announced the appointment of a new non-executive chair. Severfield said it was set to deliver results slightly above expectations…

The administration period of a collapsed South London contractor has been extended. Henley Construct went under last April owing creditors £6.7m, but new documents lodged with Companies House show its administration period will now run until 14 April 2025. However, there is little hope that the 221 companies left out…

McGee Group’s pre-tax profit doubled in its most recent financial year, the company’s latest accounts show. The accounts – seen by Construction News but not yet posted on Companies House – show that the group generated revenue of £121.8m in the year ending 30 November 2023. This generated a pre-tax…

A County Durham-based glazing and aluminium facade specialist has entered administration, with the loss of all 43 employees. After activity at Architectural Glass and Aluminium Limited (ARGLA) came to a halt earlier this month, Gareth Harris and Lee Lockwood of RSM Restructuring Advisory were called in as joint administrators. ARGLA…

Statom Group has boosted its revenue by 27 per cent thanks to higher demand for reinforced-concrete-frame jobs in London. The Essex-headquartered contractor grew its turnover to £143.2m in the year to 30 November 2023, its latest accounts reveal. The firm turned over £113m in the previous 12 months. Pre-tax profit…

Vistry’s decision to combine the roles of chair and chief executive might cause concern among some shareholders but the company will be judged on its financial performance, analysts have said. The homebuilder announced in January that CEO Greg Fitzgerald would become executive chairman and assume both roles after its AGM…