Kier’s COO leaves with immediate effect November 15, 2019 Kier’s chief operating officer has left the business with immediate effect as the struggling outsourcer rang the changes at the top amid reported interest from private equity. Claudio Veritiero, who was appointed COO only in August of 2018, has quit the company today. Read more: Private equity firm circles Kier as it looks to raise [...]
Construction sector swings back to growth in third quarter November 11, 2019 Britain’s construction sector dodged a recession and swung back to growth in the third quarter, despite a slight dip last month. Construction output increased 0.6 per cent, or £253m in the three months to September, from months of turmoil caused in part by Brexit uncertainty. It follows a decrease of 1.2 per cent in the [...]
Kier share price slumps as lenders ‘seek to offload debt’ November 4, 2019 Kier’s share price slumped seven per cent today following a report alleging lenders are trying to pass on its debt to hedge funds. Kier fell 8.4 per cent to 107.6p in early trading, with HSBC supposedly marketing the firm’s debt for as little as 70p in the pound. Read more: Kier lenders ‘try to offload [...]
Travis Perkins halts sale of plumbing and heating unit amid ‘unprecedented’ uncertainty October 22, 2019 Travis Perkins has put the sale of its plumbing and heating business on hold due to an “unprecedented level of uncertainty” in the market. The building materials distributor had decided to tell the unit last December in a bid to simplify and cut costs. Read more: Travis Perkins confirms plans to demerge Wickes But the [...]
Like a brick: SIG shares drop as profit warning sends ripples through construction industry October 7, 2019 Building materials firm SIG shares tumbled 15 per cent this morning as it warned profits would be “significantly lower” than last year, amid languishing construction markets in the UK and Germany. SIG’s warning set alarm bells ringing across the industry as it said a “deterioration in trading conditions” had worsened in recent weeks. Read more: [...]
UK construction activity suffers ‘devastating’ drop as Brexit kills demand October 2, 2019 UK construction activity fell at the second-fastest rate since the financial crisis in September, a closely-followed survey of the industry showed today. Read more: Job losses mount as Brexit fears hit UK manufacturing A historically steep drop in new orders led to firms trimming employment at their fastest pace since the end of 2010, according [...]
British Land gets green light for ‘exciting’ £3.3bn Canada Water town centre makeover October 1, 2019 A major south London commuter hub is set to get a £3.3bn face lift over the next 15 years, after Southwark Council granted planning permission last night for a new town centre in Canada Water. The scheme, drawn up by property giant British Land, will create 3,000 homes and accommodate 20,000 jobs. Developers hope it [...]
Galliford Try sees profits sink amid Bovis Homes sale talks September 11, 2019 Galliford Try suffered a 27 per cent slump in profits in its latest financial year, it revealed today, a day after it restarted talks to sell its housebuilding arm to Bovis Homes for £1.1bn. Read more: Galliford Try’s share price rockets as it targets £1.1bn Bovis Homes sale The figures Pre-tax profits crashed 27 per [...]
Mace breaks £2bn revenue barrier but profit slumps September 3, 2019 Construction firm Mace has surpassed the £2bn annual revenue mark in 2018 for the first time in its history, but also suffered a drop in profit because of challenges on some of its projects. The firm, which was in charge of building Tottenham Hotspur’s new football stadium and is contracted to build the new HS2 [...]
Construction industry output ‘drops like a brick’ to a decade low September 3, 2019 Britain’s construction industry suffered its sharpest decline in new work in more than a decade last month, as economic uncertainty hampered decision making among customers. New orders slumped at their worst rate since March 2009, according to closely-followed industry barometer the IHS Markit Purchasing Managers’ Index (PMI), which read just 40 for the category where [...]