Will Balfour Beatty’s UK construction head replace McNaughton as CEO? May 6, 2014 Amid the doom and gloom of infrastructure firm Balfour Beatty’s third profit warning in 18 months, chief executive Andrew McNaughton stepped down “with immediate effect” today. It is understood that McNaughton was pushed out, rather than bowed out, as the FTSE 250 firm looks to turn around its flailing balance sheet. Shares plunged over 17 [...]
Strange things are happening to the UK’s construction sector May 6, 2014 Construction is still hollowed out from the financial crisis, and has suffered two major recessions – so why are builders finding hiring so difficult? Despite solid growth in the last 12 months, the sector is still more than 10 per cent shy of its previous output peak. The recession was deeper than for [...]
Why one analyst loves construction firm Carillion April 9, 2014 Construction services firm Carillion’s share price has soared over five per cent today, after an upgrade from Cantor Fitzgerald. The research note put a “buy” recommendation on the FTSE 250 firm and increased its target price to 420p from 350p, in part due to a strengthened order book and downsizing of the struggling UK construction [...]
Surging construction sector loses some momentum in March April 2, 2014 The UK's construction sector is roaring a little less loudly this month. The latest purchasing managers' index data from Markit shows a sector PMI of 62.5 in March, below last month's 62.6. That's despite economists predicting that we'd see a rise to 63 this month. Nonetheless, that's a spectacular pace of growth in the sector. [...]
Balfour Beatty profits hammered as UK construction disappoints March 6, 2014 Infrastructure company Balfour Beatty has suffered a collapse in reported pre-tax profit of 78 per cent to £32m, according to the company's results for the full year ended 31 December. The company cited tough economic conditions and operational issues in the UK as reasons for the poor financial performance. However, Balfour Beatty said it was [...]
Recruitment boom fuels hopes of a recovery in UK construction January 9, 2014 BRITISH builders have been on a hiring spree in recent months, with some construction firms struggling to find skilled workers and even facing shortages of materials as both housing and commercial developments spring up. Recruitment group Hays said net fees from private sector construction and property jobs rose 21 per cent in the last three [...]
Debts boost for Galliford helps shares July 4, 2008 Housebuilder and construction firm Galliford Try surprised the City yesterday, saying it had been able to slash its debt to less than £5m, sending its shares up 14 per cent by the close of trading. The figure fell well below analyst expectations, with predictions that the firm, which operates in the public and private sector, [...]
Mowlem admits takeover approach November 1, 2005 Mowlem, the construction group chosen to build a new stand at Twickenham, is the latest company to be at the centre of takeover talks. The Middlesex-based company, which has added support services to its remit, admitted yesterday it had received an approach for the business, although it declined to reveal the identity of its suitor. [...]