Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Surf's up at Ringway after Beach acquisition

FINANCE Vinci subsidiary raises margins to 2.4 per cent as workforce grows 17 per cent

RINGWAY'S acquisition of Dartford civils contractor TE Beach helped keep turnover motoring upwards last year.

Ringway, which bought £43 million turnover Beach in January 2005, drove its turnover up £48.3 million to just short of £400 million in 2005 as pre-tax profits leapt £2 million to £9.7 million.

Group managing director David Lee said Beach made 'significant progress' in 2005.

He added: 'Financial performance across our companies was mixed, with some very satisfactory results along with a few disappointments.

'Highlights included excellent out-turns from our London-based businesses and from a number of specialist activities including Ringway specialist treatments.

'In the core highways services sector, excellent results were achieved from a number of our long-term contracts, although we suffered some disappointments.'

Despite losing some jobs, Ringway, a subsidiary of Vinci, lifted its order book by 43 per cent to £920 million. If all the firm's extensions on its longterm contracts are continued, this would rise to £1.6 billion.

BEAR Scotland - the Scottish road maintenance consortium featuring Ringway, Ennstone and Babtie - made a profit last year after three years of losses.

Ringway's expansion lifted the workforce by 17 per cent to over 2,500 people, sending the wage bill soaring £11 million to £67 million.

The firm, which also has a stake in South West Highways, raised operating profits by £1.7 million to £9.6 million.

Margins rose to 2.4 per cent, up from 2.2 per cent in 2004.