Financial

Tilbury Douglas hopes to grow its orderbook to £2bn, its new chief executive has said after reporting rise in turnover and profits last year. In the company’s newly released annual report for the year ending 31 December 2024, the group reported a £541.6m turnover, up from £507.2m the previous year.…

More than two thirds of ISG’s former staff are pursuing legal claims against over the way they were made redundant, according to administrators. In their latest update on the administration of eight ISG firms (see box below), published on Wednesday (30 April), EY’s Timothy Graham and Alan Hudson said they…

West London-based mechanical and electrical (M&E) specialist Lorne Stewart has narrowed its pre-tax loss from £2.4m in 2023 to £1.6m last year, its latest financial results show.  However, the firm posted lower turnover of £101.6m in its latest accounts for the year to 31 December 2024, compared with £118.7m in…

Administrators for a collapsed modular contractor have said there are “insufficient funds” to distribute to supply chain creditors, while the firm’s secured creditor has only received a fifth what it was owed. Sheffield-based IDMH, trading as Lighthouse, went into administration in April last year with the loss of 113 jobs…

Creditors in a collapsed envelope firm’s supply chain will get back up to half a penny in the pound at most, administrators have said. Alucraft Systems was in the middle of installing cladding at Laing O’Rourke’s Everton Stadium (pictured) when it appointed administrators last March, making its 40 staff members…

Contractors working in the public sector will face spot checks as the government attempts to clamp down on late payment in the supply chain. All construction projects worth more than £5m could be examined by public sector bodies in an attempt to uphold 30-day payment times. Documents published by the…

The UK arm of Irish contractor JJ Rhatigan has grown its turnover by four-fifths and its pre-tax profit by almost two-thirds in a bumper set of results. London-based JJ Rhatigan & Co (UK) Ltd posted revenue of £154.4m for the 12 months to 31 October 2024, up 80.9 per cent…

The construction industry was the worst hit sector for insolvencies over the past year, newly released official figures show. Data from the Insolvency Service show insolvencies in the sector reached their highest level for seven months in February. There were 367 insolvencies in the month, the highest number since June…

Profit pushed up at Bowmer & Kirkland as the contractor’s revenue also rose. Newly published results for the firm showed its pre-tax profit rose to £68.7m in the 12 months to 31 August 2024, up from £53.4m in 2023. The 2023 profit was down by nearly £10m on 2022, with…

Administrators for a mechanical and electrical (M&E) specialist have been served with a legal notice barring the disposal of company assets. A new report into the firm’s affairs by administrators stated that last month they were served with a restraint order against a director at the firm, under the Proceeds…