Costain swings to £96m loss in ‘exceptionally challenging’ year during pandemic March 16, 2021 Infrastructure firm Costain has swung to a loss of almost £100m as it struggled through an “exceptionally challenging year” during the pandemic. The group posted a statutory reported loss before tax of £96.1m for the 12 months to 30 December, down from a profit of £6.6m in 2019. The figure included significant sums from two [...]
UK PMIs: Construction activity bounces back as paused projects get green light March 4, 2021 UK construction activity bounced back in February as businesses gave the go ahead to projects that had been forced to be suspended due to the pandemic. The IHS Markit/Cips purchasing managers (PMI) index for construction scored 53.2 in February, with any score above the 50-mark indicating growth. That’s markedly ahead of analyst expectations of a score of [...]
Sunak pledges £100bn in capital spending to fund ‘once in a generation’ infrastructure investment November 25, 2020 Capital spending will increase to £100bn next year, Chancellor Rishi Sunak pledged today, as the government looks to make a “once in a generation investment” in its infrastructure. The plans, which were announced as part of today’s Spending Review, will see new money for housebuilding, a “levelling-up” fund for local projects, and a new national [...]
Barratt reports strong forward sales as housing market recovers October 14, 2020 Barratt Developments (BDEV) has reported an increase in forward sales as the housing market bounced back from the first wave of coronavirus restrictions. The housebuilder said total forward sales as of 11 October increased 16.7 per cent to 15,135 homes at a value of £3.7bn. It also reported a 20.8 per cent increase in its [...]
UK PMI: Construction activity rebounded more than expected in September October 6, 2020 The UK’s construction sector unexpectedly picked up speed in September, helped by a post-lockdown bounce in the housing market, according to survey data. The IHS Markit/CIPS UK Construction Purchasing Managers’ Index accelerated to 56.8 from 54.6 in August – well above the 50-point measure that separates expansion from contraction. The reading was above all forecasts [...]
Vistry Group’s forward sales boom following first-half loss September 8, 2020 Vistry Group swung to a pre-tax loss in the first half of the year but said it expected sales to bounce back in the aftermath of the coronavirus lockdown. The figures Vistry Group posted revenue of £606.4m in the six months to the end of June, up 28 per cent on the same period last [...]
Travis Perkins shares slide as building site closures hit profit September 8, 2020 Shares in Travis Perkins dropped this morning after the builders’ merchant reported a huge decrease in operating profit for the first half. The figures Travis Perkins reported revenue of £2.8bn in the six months to the end of June, down 20 per cent on the same period last year. Adjusted operating profit plunged 80 per [...]
Ashtead sees profit fall a third as construction recovery slows September 8, 2020 Construction equipment hire firm Ashtead saw profit fall over a third in the first quarter as the coronavirus pandemic squeezed building activity around the world. Despite what it called a “resilient” performance over the coronavirus lockdown period, revenue and profit both fell in the period. Shares slipped nearly one per cent as markets opened. The [...]
Construction sector growth slows as new work dries up September 4, 2020 Growth in UK construction output slowed in August as subdued order books put the brakes on the sector’s coronavirus recovery. The headline IHS Markit/CIPS UK Construction Total Activity Index registered 54.6 in August, down from 58.1 in July. It marks the third consecutive month of growth in construction output — indicated by any figure higher [...]
Navigating the UK’s economic recovery – a sector analysis September 4, 2020 We are living through extraordinary economic times. There is no hiding from the fact that this is a deep recession, and one that provides ample risk for investors. Recent GDP figures paint a gloomy picture and suggest that it will take some time for the economy to fully heal from Covid-19. The good news is [...]