This week’s critical figures include Crossrail’s potential overspend and Interserve’s financing renegotiations.
268 days – since Interserve’s finance deal
The contractor’s admission came with the revelation that it was in talks with lenders regarding a debt-for-equity swap. Interserve claimed the plans would deliver a strong balance sheet, with the firm targeting leverage of approximately 1.5 x net debt / EBITDA.
80% – Hinkley procurement progress
Mr Cann said 30 equipment contracts were still to be signed but that “most of them” were at preferred bidder stage. He also told CN that contingencies were in place at Hinkley in the event of a no-deal Brexit.
5% – Balfour’s forecast orders growth
Balfour Beatty has forecast a year-end order book of £12bn, up from £11.4bn at the end of 2017. The contractor’s orders peaked at £12.7bn in 2016 before falling sharply as the contractor looked to be more selective over its contracts.
13.5% – Potential Crossrail overspend
A review of the scheme’s costs has produced an estimated increase of £1.6bn-£2bn, with Crossrail CEO Mark Wild also unable to commit to an autumn 2019 opening date. The financing agreement will see the GLA borrow up to £1.3bn from the DfT.
£27m – Eastenders budget hike
The National Audit Office found that the BBC’s plans to build a new external set for the long-running soap “will not be able to deliver [the] value for money” envisaged. The E20 development was originally set to cost £59.7m in 2015 but increased to £86.7m in a revised budget approved in May.