William Hare returns to profit as revenue tops £300mThe country’s second biggest constructional steelwork contractor William Hare has returned to profit after revenue jumped 27% to £316m.
The uplift in work helped to generate a £5.8m pre-tax profit in the year to December 2023 recovering from a £850,000 loss in the prior year.
The improvement, which saw EBITDA rise to £9.8m (2022: £3.4m),…
Trio land £540m Southern Water sewer dealSouthern Water has awarded contracts worth up to £540m to three companies to boost its wastewater network performance.
The winning contractors will be responsible for delivering essential frontline sewer services from responding to emergency calls to rehabilitating existing sewers.
Work will be carried out across four lots.
Maintenance and manholes…
HG Construction wins £68m Old Kent Road resi towersDeveloper Avanton has selected HG Construction as main contractor for a £68m deal to build a residential scheme on the Old Kent Road in south London.
Work will start imminently on the 262-unit development, named ‘THE BeCa’ which has a project GDV of £160m.
The former Carpetright warehouse site at 651 Old Kent Road will feature two towers…
Van Elle says ISG hit contained at under £100,000Piling and ground engineering specialist Van Elle has revealed that the hit from the collapse of ISG is likely to be under £100,000.
The firm will report its limited exposure to the fall-out at its annual general meeting today.
Van Elle said that while market conditions in the first four months of the new financial year were challenging across…
Cladding panel maker goes downCladding designer and manufacturer PSP Architectural Ltd has gone into administration alongside sister firms PSP Aluminium Ltd and Pressed Steel Products Limited.
The failure of the County Durham based group has led to 84 redundancies.
James Lumb and James Clark of Interpath are now in charge of the business and are actively seeking buyers.
Architectural and…
Balfour Beatty acts to head-off ISG contagion in supply chainBalfour Beatty is offering a lifeline to its supply chain subcontractors impacted by the collapse of ISG.
The firm is aiming to stop any contagion from ISG’s collapse spreading to its own projects.
The move to support cash-strapped subcontractors comes amid widening concern that scores of firms have been seriously hit.
Already…
Canary Wharf Contractors break ground on Europe’s tallest labConstruction of Europe’s tallest and most technically sophisticated commercial lab buildings has started on site at Canary Wharf in London Docklands.
Architects KPF designed One North Quay as a 23-storey ‘vertical science campus’ that will rank as Europe’s tallest purpose-built lab space.
The 823,000 sq ft project is being…
100 jobs lost as ESS Modular goes into administrationHull-based offsite specialist ESS Modular is now in administration with the loss of around 100 jobs.
Tim Vance, Charles King and Andrew Dolliver of EY-Parthenon’s Turnaround & Restructuring Strategy have been appointed as Joint Administrators to trading company Extraspace Solutions (UK) Limited and its subsidiary Spatial Initiativ…
ISG supply chain facing £700m+ hitFinal accounts posted by ISG before its collapse into administration show the company owed more than £700m to suppliers.
The “trade and other” payables total for the year to December 31 2022 was £710.3m and is an indication of how much could be owed to creditors now the contractor has collapsed.
The 2022 annual report showed a turnover of £2.18bn…
ISG bonding losses contained at £60mThe fallout from the collapse of ISG in the bonding market is likely to be less severe than many firms feared.
Sources say surety providers have managed to contain losses at around £60m.
While its still represents a big hit for the bonding market after two already torrid years, the exposure is well below the £160m body blow suffered by bond providers when…