Financial

Exclusive: Shaylor Group staff have been sent home from its Birmingham headquarters, days after a notice of intention to appoint an administrator was filed, Construction News has learned. Employees have been told to return to the office on Monday, unless they are directed to the contrary over the weekend. Calls…

Building product manufacturer Alumasc has warned that its annual profit is likely to be 10-15 per cent lower than expected, down from an anticipated pre-tax profit of £5.3m. In a trading update issued to the London Stock Exchange, the company blamed the drop for the year to 30 June 2019…

More than 1,000 pieces of plant and machinery from collapsed contractor Dawnus will go under the hammer later this week. Among the lots up for auction are 40 excavators weighing between six and 20 tonnes, nine articulated dump trucks, two crushers, a drilling rig and 21 commercial vans. Dawnus administrator…

WYG plans to sell off operations and issue new shares if a bid to buy the company is voted down by shareholders later this month. Tetra Tech UK has offered to buy WYG for 55p a share, which values the company at around £40m. WYG's board has recommended shareholders approve…

Interserve plc creditors are set to lose £86.6m as a result of the its March pre-pack administration, documents filed at Companies House have revealed. The business owed a total of £114.1m when it was sold by administrators EY to a company formed by the firm’s lenders. Interserve expects the administration to…

Helical has received “more than one" approach to take over the company, but rejected the offers as they fell below what it considers its current value to be. In a statement made to the London Stock Exchange this morning, the property developer said that, to date, all proposals made have…

Turnover at VolkerWessels UK has risen by over £113m in a year, with a profit of almost £29m in its accounts for the year ending 31 December 2018. The firm reported a revenue of £984m, compared to £870.4m in its accounts for 2017, and a pre-tax margin of 3 per…

John Sisk & Son CEO Stephen Bowcott (pictured) has said that small subcontractors on Sisk’s supply chain contributed to the firm’s late payment data because they submitted incorrect invoices. Mr Bowcott told Construction News that firms paid late by Sisk only make up 15 per cent of its business, but…

John Sisk & Son's pre-tax profit has increased to more than £3m from £428,000 in 2017. In results for the UK arm of the Irish company for the year ending 31 December 2018, the firm's turnover jumped from £188m to £323m. Prior to 2017 the contractor had made losses for two…

Eurovia has said it is concerned about the market for road maintenance as local authorities continue to face budget squeezes. The highways maintenance contractor has claimed that while its clients have funds for capital investment, cash for maintenance work has dropped. Chief executive Scott Wardrop said: “Worryingly we are seeing…