Financial

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 the year to June 2024.…

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 year, adding that the insolvency…

Skanska has hailed “early contractor involvement” as it reports an increased profit for last year. The Swedish contractor’s UK arm, Skanska UK, penned a pre-tax profit of £27.3m in the year to 31 December 2023, up from £24.5m in the previous year. The contractor’s turnover dropped slightly, from £1.38bn to…

Construction News last week published a story that incorrectly reported that mechanical and electrical (M&E) specialist Cityside Electrical posted a loss in its most recent accounts. In fact, the firm made a pre-tax profit of £6.00m during the year – which covers the period to September 2023, compared with £7.57m…

Henry Construction Projects is likely to end up in voluntary liquidation but it is unclear how much money unsecured creditors may receive, a new report has said. In a 4 July progress report, joint administrators David Hudson and Geoffrey Rowley from FRP Advisory said they expected the collapsed contractor to…

ISG’s parent company Cathexis is set to sell the sixth-biggest UK contractor after eight years, amid worries about the London-based firm's finances. ISG chair and Cathexis chief operating officer Matt Roche told stakeholders that the buyer, whose identity he did not disclose, would make a significant investment in the business.…

The volume of construction administrations has increased for the second consecutive month, Creditsafe data shows. A total of 31 businesses went into administration in June, compared with 24 in May and just 13 in April. Despite the uptick, the figure of 68 failures for the second quarter (Q2) of 2024…

ISG is in line for a £13.9m hit following the liquidation of one of the UK’s largest envelope specialist brands. Private equity-backed Clarison Group was renamed TGCL 2024 Ltd at Companies House in March and filed a notice of liquidation this week. £85m-turnover Clarison was formally launched in 2021, joining…

Keltbray has dropped back into the red, partly due to ongoing costs related to its case against the Competition and Markets Authority (CMA) over the level of its fine for colluding over tender prices between 2013 and 2018. The multidisciplinary specialist swung to a pre-tax loss of £1.2m in the…

Ferrovial’s UK contracting arm posted a record turnover and returned to profitability last year, despite winning no new work. Revenue from contracts in the 2023 calendar year rose by 9 per cent to an all-time high of £536.6m – its fifth successive year of revenue growth. All the contracts were…