This week’s look at the latest Carillion contract to be re-assigned, the rise in Interserve’s debt, and the new capacity at Bath Rugby’s stadium.
22 – Carillion FM contracts transferred
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INPP had a stake in 24 PPP FM deals with Carillion. Of the contracts now transferred, 14 are on a permanent basis and eight are expected to become permanent “shortly”. The remaining two have agreements in place, with the official receiver of Carillion’s liquidation ensuring services continue in the meantime.
1,200% – Four-year rise in Interserve’s debt
In its 2013 results Interserve’s year-end net debt was just £38.8m. Four years later it’s at £502.3m, having nearly doubled in one year. The figures were revealed as the contractor’s results this week showed a £244.4m pre-tax loss for 2017, up from a £94m loss in 2016. Part of Interserve’s new financial covenants will be to reduce its total borrowing to £450m by June 2020.
89% – Babcock & Wilcox’s falling share price
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B&W, which is Interserve’s joint venture partner on three energy-from-waste projects, secured $248.5m (£182.1m) in funds this week after it issued new shares on the New York Stock Exchange. The fundraising was required to pay off a $196m (£144.1m) loan B&W took out in March 2017 and to boost its working capital.
1m – Balfour Beatty’s Hong Kong space
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Balfour’s Gammon Construction JV with Jardine Matheson secured the deal for the Lohas Park Package 9 development in Hong Kong’s Sai Kung District. The scheme will comprise three residential towers ranging from 54 to 56 storeys sat on a five-level podium.
5.5 points – Upswing in April’s activity index
The IHS Markit / CIPS construction PMI reported activity rebounded to 52.5 in April after it plummeted to a 20-month low of 47 in March. A figure above 50 means activity is increasing while below 50 signals a contraction. This, combined with the first monthly increase in new orders in 2018, contributed to confidence hitting its highest level since May 2017.
18,000 – Bath Rugby’s new capacity
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Arup will provide civil, geotechnical, structural, mechanical, electrical and public health engineering services for the new-look ground, known as Stadium for Bath. Grimshaw Architects, Kay Elliot and Gross Max have already been appointed to work on the stadium’s design.