Financial

An activist investment group has claimed that Aecom's businesses are “deeply undervalued”, and that it should explore selling its construction services arm. In a letter to Aecom chairman Michael Burke, Starboard Value managing member Peter Feld said that Aecom’s “poor operating history has resulted in several years of disappointing shareholder…

Severfield’s pre-tax profit margin has topped 9 per cent, as it completed work on high-profile London jobs including Tottenham’s new stadium and the Wimbledon Court One roof. The Yorkshire-based structural-steel firm reported that pre-tax profit stood at £24.7m for the year to 31 March 2019, up from £22.9m in the…

Berkeley Group has reported that pre-tax profit fell by 20 per cent, from £977m last year to £775.2m in this year’s results. This is the second year running that the company's profit has decreased, and it has predicted a further drop by a third going into 2020, having posted what…

The reopening of the Silverstone Experience project being built by Shaylor Group has been delayed due to the firm's administration. Subcontractors have been contacted directly by the client in a bid to finish the £20m refurbishment of the tourist attraction located next to the iconic Northamptonshire racetrack. Construction News understands the…

Galliford Try Partnerships has agreed a deal to acquire Yorkshire-based developer Strategic Team Group. The management team and staff at the firm will remain in place, and it will trade as Galliford Try Partnerships Yorkshire from 1 July 2019. STG, which operates in Yorkshire and the North-west, employs a total…

Kier has today unveiled a fresh attempt to try and reduce debt, shore up its balance sheet and ensure it doesn't suffer the same fate that this week befell yet another top 100 contractor in Shaylor Group. Its share price hit record lows on Friday on news it would sell…

Following Kier’s restructuring announcement this morning, analysts have told Construction News it is the start of a long recovery process. The firm announced it is to exit the housing, property investment and facilities management sectors under new CEO Andrew Davies’ turnaround plan. CMC Markets analyst David Madden told Construction News:…

Multiplex Construction Europe's profit margin rose to 1.15 per cent for the financial year ending 31 December 2018, from 0.28 per cent in 2017. Revenue for the Australian-based business stood at £1.1bn, down from £1.2bn in 2017, while net profit increased to £12.6m, from £3.3m. Its construction margin rose to…

Willmott Dixon's chief executive has urged the next prime minister to be strong enough to obtain a Brexit deal that will not disrupt the construction industry. The privately owned contractor announced its financial results for the year ending 31 December 2018 this morning. Profit before tax stood at £37.5m, up…

Exclusive: Shaylor Group is filing for administration, Construction News has learned. In an email sent to staff on Sunday morning, the firm's directors announced they will be putting the company into administration after “unsuccessful attempts” to raise additional funding. The email said that an administration appointment is likely to take…