“Have you written any good news recently?”
I was asked that question yesterday by a member of the Construction News editorial team, trawling through the last few weeks’ haul of stories with a growing feeling of depression.
Well, I can confirm that the corner has been well and truly turned today with ISG becoming the latest firm to reveal their 2014/15 financials.
“Wait a second,” I hear you think. “Isn’t that the very same ISG that just posted a £27.8m loss?”
Well, yes. But this isn’t an irony laden way to tell you about yet another contractor finding itself in trouble after underbidding on contracts in an effort to win work during the recession.
Because, in fact, not only were the losses at ISG in line with expectations after it issued a profit warning in February, they’ve also elicited a genuinely positive response from City speculators.
Shares in ISG are currently trading 12 per cent up on their overnight price, having risen steadily all day.
Analysts, meanwhile, seem to be unified in their confidence that the group - not long ago a potential takeover target - is now out of the woods.
So it would seem that not all bad news is really as bad as it first seems.
Even more good news!
Five new faces will join the rebooted Construction Leadership Council, announced today by the Department for Business, Innovation and Skills, with the nine-member strong council tasked with leading ‘business focused growth’.
It was also a good day for housebuilders: Cala Group is targeting a £1bn turnover within five years after posting record results; a figure already hit by Redrow, the housebuilder announced in their results today.
Finally, high speed rail has moved a step closer for Scotland. A report that outlines potential routes will be published in 2016.