Financial

Construction insolvencies are expected to remain high until the impact of the new government’s plans for homes and infrastructure is felt, commentators have said. New figures released today (19 July) show that construction remained the worst-hit sector for insolvencies in the year to May 2024, as in April. This was…

Graham has hailed its latest financial results as a “strong performance” after reporting almost identical revenue and profit figures to its previous year. The contractor’s turnover increased by 2.8 per cent to £1.13bn in the year to 31 March 2024, while its pre-tax profit slipped by £300,000 to £14.8m. Graham’s…

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 2023. The update continues the…

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. The profit figure was restated…

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 December 2023, in comparison to…

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 leisure facilities, and office buildings. …

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 seeking a buyer for the…

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 0.7 per cent in the…

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 current analyst forecasts. These are…

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 other giants, Redrow and Barratt,…