Financial

Durkan has put aside more than £12m to deal with building defects but still managed to shrink its losses by more than half. The firm reported a £3.9m pre-tax loss in the year to 30 November 2023, close to a 60 per cent drop on the £9.3m loss it made…

Lee Marley Brickwork Ltd returned to profitability last year on the back of record turnover, its latest accounts have revealed. The Berkshire-based masonry and scaffolding business posted pre-tax profit of £2.8m for the year ending 31 December 2023. This represented a turnaround from its £2.2m loss in the 2022 calendar…

Another 310 construction companies became insolvent in March, the latest official figures have revealed. This took the rolling annual total of business failures in the sector to 4,274, the highest number of any industry measured. Construction was responsible for around one in six insolvencies in the year to 31 March…

The UK has ratified an agreement to join a global trade bloc, a move the government claims could boost construction output by £119m a year. The UK will be the twelfth member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which includes Japan, Australia and Canada. The countries…

Global insulation products manufacturer Knauf Insulation has announced a €200m (£170m) investment to build a new UK factory. The new facility will be able to produce more than 100,000 tonnes of rock mineral wool each year once it opens in 2026, the firm said. A planning application will be submitted…

A contractor’s liquidation process has dragged on past the five-year mark due to a drawn-out pursuit of its clients for outstanding debts. Newman Scott was owed “significant monies” by unnamed firms when it appointed administrators in March 2019, according to documents lodged with Companies House. Liquidators had to carry out…

Bam Construction has taken a big financial hit on Manchester’s Co-op Live arena after delays sent costs spiralling by £85m, the scheme’s developer has said. Project costs have already ballooned from £365m to £400m and are expected to rise to £450m, arena boss Tim Leiweke told Manchester Evening News today (15…

Tilbury Douglas returned to profitability in 2023 amid a 25 per cent jump in turnover, according to the group’s latest set of audited accounts. Revenue from the contractor’s building, infrastructure and engineering projects reached £507.2m compared with £405.2m the previous year. It also won £533m of new contracts in 2023,…

Civils contractor Renew Holdings says it has made substantial provisions to deal with “contractual claims” against a firm it disposed of 10 years ago. Renew sold off affordable housing specialist Allenbuild to Places for People in 2014, but, as part of its agreement with Places for People, it retained a…

Caddick Construction’s return to profit contrasted with its parent company’s fortunes, according to its latest accounts. The construction arm, which accounted for 38 per cent of Caddick Group turnover, tabled a pre-tax profit of £7.4m in the year to 31 August 2023, after it slumped to a £2.3m loss the…