Financial

The construction industry faces one of the most difficult times I have experienced in my 35 years in the industry. The financial turmoil of 2008 was difficult, but the current economic and political environment has created a level of uncertainty that is having an unprecedented impact, be it through delayed…

Shares in Lendlease surged on Monday after reports that a Japanese company was considering a takeover. Mitsui, a Japanese conglomerate involved in engineering, chemicals, banking and brewing, is considering buying the contractor and developer, according to The Australian. Lendlease issued a statement denying it had received an approach from any…

A deal between Amey and Birmingham City Council to end a £2.7bn problem PFI contract early is expected in weeks, according to the chief executive of Ferrovial, Amey's parent company. In a conference call yesterday evening, Ferrovial CEO Ernesto Lopez told investors the Spanish firm will decide how to sell…

Van Elle finance director Paul Pearson has resigned. Mr Pearson's departure comes after Van Elle issued a profit warning in January and revised its financial outlook last month. The firm blamed delays to projects in the first four months of the year for the announcements. The finance boss has been in the…

Concrete frame specialist Morrisroe has moved into the piling sector with acquisition of GSS Piling and Geostructural Solutions. The deal was revealed on Friday by CN's sister title Ground Engineering. Morrisroe had been tipped to buy Cementation Skanska last year. It has since cooled on the deal, according to GE, because…

Private housing workloads are upholding growth in the UK construction sector, despite Brexit uncertainty, a survey from RICS has found. The Royal Institute of Chartered Surveyors UK Construction and Infrastructure Market Survey Q1 2019 has found that workloads in private housing are holding up the sector, as a net balance…

Spie was forced to take a £9.2m loss when it sold its distribution and transmission business to Keltbray last June. The French-owned firm's 2018 accounts revealed Keltbray paid Spie £697,000 for the contracts and associated assets of the loss-making business, despite the contractor valuing them at £9.9m. In spite of the loss…

Van Elle was hit by more delays to new jobs starting in the first four months of the year. A trading update for the year ending 30 April 2019 released this morning said the firm had won more work and secured a record order book, but some start dates had…

Severfield has settled the final costs related to faulty bolts on the Leadenhall building, also known as the Cheesegrater. In a trading update released this morning, the steel specialist said it would face no further costs for remedial work on the City of London skyscraper after a settlement was agreed.…

Stockpiling in the construction industry contributed to higher than expected costs for Taylor Wimpey in the first four months of the year, a trading update has revealed. This morning the housebuilder said cost inflation would be around 5 per cent for 2019, which was higher than it had expected. It…