Almost half of the CNinsight 100 has been updated with companies’ latest financial results, meaning considerable changes to the rankings originally published last September, as 94 firms shift places.
Six months on, total turnover for the top 100 contractors based on their latest financial years was £58.35 billion, marginally below the £58.43bn in the previous year.
Of the 46 firms with updated results, just under half (21) have seen turnover fall. Across all top 100 companies, the number reporting a fall in turnover stands at 46. The largest drop in turnover reported is no longer Durkan Holdings, though it remains the company with the biggest tumble down the table.
Pre-tax profit among the top 100’s latest results has grown by 11.5 per cent to a total of £2bn, up from a total of £1.8bn in their combined previous financial years.
The latest updates mean that Simons Group currently has the largest decline in turnover, of 43 per cent to £99.9m.
The construction arm of the company is maintaining a focus on repeat business, having added a clutch of retailers to its client list including Morrisons, Asda and John Lewis.
Some firms have revealed more upbeat results in the past three months. McLaren Construction’s 75 per cent rise in turnover to £266.5m means the company jumps 32 places to catapult it comfortably into the top half of the table, eclipsing the previous highest riser, Esh Holdings, by double the number of places.
McLaren is predicting a turnover of £400m in its 2011/12 financial year, with growth expected in private sectors such as retail, commercial, student accommodation and sports and leisure. The contractor celebrated two convincing contract wins at the start of this year – a £35m distribution centre for Tesco and a £20m town centre redevelopment in Hoddesdon.
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The updates have meant a rapid decline in CNinsight 100 company directors’ pay, which now stands at total of £1.2bn, 17 per cent lower than the £1.45bn for the previous financial years. The decline is the largest since the CNinsight 100 table was first published in 2010.
Employee salaries, by contrast, declined by 1.9 per cent to an average of £35,440, a faster rate than the 1.1 per cent recorded in the last CNinsight 100 review.
The new sets of results include those for top 10 companies Morgan Sindall, Carillion and Interserve, with Morgan Sindall the only one of the three to grow turnover in the year to December 2011, despite a 2 per cent fall in pre-tax profit to £40m.
Its results means Morgan Sindall leapfrogs Kier back into fourth place, with turnover comfortably past the £2bn mark.
Meanwhile Carillion and Interserve, despite small falls in turnover, retain their second and seventh positions respectively, both seeing a rise in pre-tax profit.