This week’s top stories take in Gatwick’s billion-pound investment plans, more change at Battersea and a further update to Carillion’s falling stock.
1 in 5 – SMEs raising prices as costs soar
A third of small building firms (32 per cent) said soaring material prices were squeezing their margins, while almost a quarter (22 per cent) have had to pass these price increases onto customers.
22% – Rise in distressed firms
Year-on-year increase in number of construction firms experiencing financial distress in Q2, according to a Begbies Traynor report. The firm’s latest research found that 40,495 construction firms finished Q2 2017 with financial difficulties, up from 33,222 in the same period in 2016.
£240m – Gatwick’s investment in 2017/18
The airport revealed plans to enhance passenger experience and boost infrastructure including a new hangar in partnership with Boeing, extensions to Pier 6 and a new domestic arrivals terminal.
18 weeks – Two contractors off Battersea
Mace has replaced Skanska on phase two after the latter “mutually agreed” to part ways with the client. This comes just four months after Bouygues revealed it would not take phase three beyond the scope of the preconstruction services agreement.
51.2p – Carillion’s share price low point
Carillion’s share price fell to 51.2p on Wednesday morning, before recovering to 56.7p by 2.30pm Friday. However, this was still 70 per cent below the 192p it stood at on 7 Jul, before a profit warning the following Monday and the departure of chief executive Richard Howson.
£92,000 – Average HSE fine
The value of construction related fines the HSE collected in the year soared to £12.96m, compared with £7.09m for the same period a year earlier. This represented an 83 per cent rise since new sentencing guidelines were introduced in February 2016.