Financial

Interserve Construction has been forced to write off a £22m investment in a JV company set up to deliver a Derbyshire energy-from-waste plant. Interserve and Renewi were 50:50 owners of Resource Recovery Solution (Derbyshire) Holdings Limited (RRS), which had a £950m contract to build and operate an EfW plant for…

A low supply of office space in London helped Great Portland Estates boost profit and turnover, the developer has revealed. In its half-year results ended 30 September 2019, revenue increased to £54.4m, up from £50.8m in the same period the previous year, and profit before tax also increased from £40.4m…

Bouygues has reported a €122m (£102m) jump in operating profit for its worldwide construction business in the nine months ending 30 September. Operating profit for Bouygues’ global construction work was €545 (£466m) in the first nine months of 2019, up from €423m (£362m) compared with the same time last year.…

The challenging retail market has caused British Land to suffer a £404m loss before tax for the six months to 30 September. Its half-year results showed that the pre-tax losses had worsened significantly compared to the same period in 2018, which showed a pre-tax loss of £42m. In the same…

Lancashire-based contractor Marcus Worthington and Co owed £1.2m in retentions to its subcontractors and supply chain when it fell into administration at the beginning of October, it has been revealed. According to a statement of affairs released by administrators PWC, the construction arm of the Marcus Worthington Group owed £290,000…

Morgan Sindall chief executive John Morgan has given himself a £4m payday after cashing in a large block of shares. Mr Morgan sold 300,000 shares on Friday at £13.64 each, to generate just under £4.1m. The sale came two days after the company raised its profit target for the second…

Galliford Try has agreed the £1.14bn terms to sell its Linden Homes and Partnership & Regeneration businesses to Bovis. Shareholders of both companies will now vote on the deal, which is expected to be completed on 3 January. The final terms are unchanged from the outline terms announced on 10…

Galliford Try’s construction chief executive Bill Hocking (pictured) will take over as group chief executive if the sale of Linden Homes to Bovis goes through. Current Galliford Try CEO Graham Prothero will move to Bovis and take up the chief operating officer position under CEO Greg Fitzgerald. The pair worked…

Morgan Sindall has raised its financial target for 2019 for the second time this year. Margin improvement for the construction and infrastructure business, along with better returns for its property services division, boosted the firm’s performance. In a trading update covering the 10 months to the end of October, released…

Keltbray has announced a transformation programme amid pressure on the firm's margins and forward-order book. In a statement, the company said it would look to become “leaner”, owing to the current “tough market”. Areas to be reviewed under the plan include the firm’s organisational structure and cost base. Keltbray chief…