Financial

There are still insufficient funds to pay creditors for Michael J Lonsdale, administrators for the collapsed mechanical and electrical (M&E) specialist said. In their third progress report since being appointed in October 2023, Jamie Taylor and Dominik Thiel-Czerwinke from Begbies Traynor said they had clawed back £672,578 from Lonsdale’s debtors…

Nearly a third of Balfour Beatty’s shareholders rebelled against a pay package increase for chief finance officer Philip Harrison at the company's annual meeting this morning (8 May). The UK’s biggest contractor saw 70.25 per cent of its shareholders vote in favour of the 2024 remuneration report in the firm’s…

Bam’s parent company has enjoyed a profit boost in the first quarter (Q1) of the year, helped by a “significant improvement” in the performance of its UK construction arm. In a trading update this morning (8 May), Netherlands-based Royal Bam said Bam Construct was one of the “main drivers” for…

Construction firm failures in April decreased by almost a third compared with the previous month. This reversed a trend seen in February and March when administration figures soared, with the number of firms going under rising to 32 and 31 respectively. Data from Creditsafe shows that 21 firms entered administration…

Balfour Beatty expects cash to near £1bn at the end of 2025, after reporting wins in key markets this year. The UK’s biggest contractor said in a trading update this morning (8 May) that average net cash in 2025 is expected to reach between £900m and £1bn, following a “strong”…

This story was written with AI assistance from Harmsworth Who is Harmsworth? Van Elle Holdings has transferred its heavy goods vehicle (HGV) fleet to a specialist logistics partner in a move to cut overheads and redeploy capital to growth. The UK’s largest ground engineering contractor has entered into a five-year…

Construction sector output decreased for the fourth consecutive month amid “heightened business uncertainty” in April, according to newly released data. The latest S&P Global UK Construction Purchasing Managers’ Index (PMI) data, released on Wednesday (7 May), showed an activity index of 46.6. This was up slightly from the March figure…

Ex-employees of Bowie Construction have been awarded payouts by an employment tribunal. Twelve workers brought the claim against the former groundworks specialist, which went into administration in June 2024, on the basis that it did not hold a formal consultation process. The company ceased trading in March 2024 and the…

This story was written with AI assistance from Harmsworth Who is Harmsworth? Murphy has taken a 40 per cent stake in Abergeldie Complex Infrastructure as part of a strategic partnership with the Sydney-headquartered contractor. The deal marks Murphy’s first investment in the Australasian market and continues its international expansion following…

Contractor and developer the Casey Group has grown its revenue in the face of “challenges” that saw its profit dip slightly. Newly released accounts covering the year to 31 July 2024 show that the company, headquartered in Rochdale, Greater Manchester, boosted turnover to £88.6m from £80.1m in 2023. Its pre-tax…