Financial

The Conservative Party leadership election was always going to centre on the UK’s Brexit-negotiation strategy. But it's domestic policy that will determine the long-term economic prospects of London and the UK – and, of course, the success of the next government. The newly appointed prime minister has outlined some policies…

Skanska has downgraded its outlook for the UK civils market over the next 12 months, with Brexit blamed for the slowdown. The gloomier forecast for the country was revealed in a half-year trading update released by the Swedish company yesterday. The outlook for its other construction work in the UK,…

Administrators of collapsed contractor Forrest have received around £42,000 from the sale of assets belonging to an ex-worker who had been found guilty of “criminal conduct”. A progress update from administrators FRP Advisory revealed the compensation was received after a confiscation order obtained by Greater Manchester Police in November 2018 was…

Van Elle has warned investors that profit for its 2019 financial year is expected to be £500,000 lower than previously forecast. In a market announcement this morning, the groundworks specialist said pre-tax profit would now be around £4.5m for the year ending 30 April 2019. The reduction was triggered by…

Galliford Try, Ferrovial, Severfield and Alun Griffiths have been suspended as signatories of the Prompt Payment Code (PPC). The contractors were among 17 firms kicked off the code this morning for failing to pay 95 per cent of invoices within 60 days. Screwfix was also suspended along with designer and…

Changes to VAT due to come into effect on 1 October should be delayed, according to the Federation of Master Builders (FMB). The changes, known as Domestic Reverse Charge (DRC), are part of new anti-fraud rules that the government said would target VAT-related fraud in supply chains within construction. The new…

Murphy suffered a £5.8m pre-tax loss in 2018 due to project problems and “challenging” market conditions. The publication of key financial figures for the year ahead of the release of its full accounts showed a decline in profitability from the £12.4m pre-tax profit the firm reported in 2017. The company…

Graham Construction’s cash reserves dropped more than £11m last year due in part to paying its suppliers faster, according to the company's latest accounts. The move contributed to the firm's cash level dropping to £45.8m at the end of 2018, down from £57m 12 months earlier. The company said cash…

Foundation specialist Aspin has gone into administration. Company insiders told Construction News that administrators Quantuma LLP arrived at the firm's offices in Hemel Hempstead, Hertfordshire, this morning, after a last-ditch attempt to put the company up for sale failed. Staff were informed by administrators that they had been made redundant via a mass…

Engie Regeneration has returned to profit following a £73m loss. Accounts for the 15 months ending 31 December 2018 showed the company made a pre-tax profit of £10.8m on revenue of £758.8m. It had previously reported a £72.7m pre-tax loss after it made a huge writedown to the value of…