Financial

Statom Group has boosted its revenue by 27 per cent thanks to higher demand for reinforced-concrete-frame jobs in London. The Essex-headquartered contractor grew its turnover to £143.2m in the year to 30 November 2023, its latest accounts reveal. The firm turned over £113m in the previous 12 months. Pre-tax profit…

Vistry’s decision to combine the roles of chair and chief executive might cause concern among some shareholders but the company will be judged on its financial performance, analysts have said. The homebuilder announced in January that CEO Greg Fitzgerald would become executive chairman and assume both roles after its AGM…

Industry leaders have highlighted project delays caused by heavy rain after construction output declined in February. The latest Office for National Statistics data points to reversed fortunes for the construction sector, after last month’s figures reported a return to growth. Overall output fell by 1.9 per cent during the month,…

UK taxpayers have lost £2.6m due to the collapse of modern methods of construction (MMC) specialist Modulous, which has now gone into liquidation. The startup, which was formed in 2018, filed a notice of intention to appoint administrators in January, having laid off its staff at the beginning of December.…

Kilnbridge’s profit has grown by 92 per cent, according to accounts covering its latest financial year. In the year ending 30 June 2023, pre-tax profit at the specialist structures contractor jumped to £3.8m, having been £2m at the end of the previous 12 months. Meanwhile, revenue rose from £97.3m in…

Timber-frame volumetric specialist Lighthouse has gone under, with all 113 staff members losing their jobs following a failed bid to sell the business. The specialist, which was based in Sheffield, struggled with cashflow issues. The business behind it, IDMH, filed a notice of intention to appoint administrators last month. It…

Structural steelwork specialist Taziker Industrial Ltd has posted a pre-tax loss despite an 18 per cent increase in turnover, its latest annual accounts have shown. Revenue for the year ending 31 March 2023 reached £87m compared with £73.5m the year before. Company directors attributed this increase partly to more work…

Creditor claims against Buckingham Group have more than doubled to £256.3m, a new report from the firm’s administrators has revealed. The £665m-turnover company – ranked 30th in the CN100 index in 2022 – collapsed in September 2023. It was initially thought to owe £108m, with 1,258 claims having been lodged…

The Competition and Markets Authority (CMA) has dropped its inquiry into a merger between two aggregates firms after the parties committed to giving up some of their sites. Hanson, which changed its name to Heidelberg Materials in November, agreed to purchase £228m-turnover construction material supplier Mick George Ltd in December…

GMI Construction has bounced back to a profit after applying stronger risk tests around taking on large building projects. The contractor said its stronger focus on the risk of larger projects was a “critical factor” in it scoring a pre-tax profit of £916,000 for the year to 30 September 2023,…