Weekly Glenigan Newsletter - 25 May 2010
Welcome to Glenigan's weekly customer newsletter that brings you
comment on major industry developments and news updates from the
past week. Click on the links to read the full story.
A fall in shelved projects
tempered by a rise in cancellations
Promotion: Breakfast briefing:
Construction under a coalition government
Featured Region: North West
Featured Sector: Private
Housing
Project News
£65 million improvements to M9
junction 1a
Tenders invited for university refurbishment
Council seeking contractor for mixed use scheme
Tenders returned for biomass plant
Glas sails in to south London with £25 million
Costain Skanska JV awarded Crossrail contract
Company News
McGee turnover hit by shelved
jobs
BDP regains AJ100 top spot
North Midland reports increase in Q1 profit
Kier trading in line with expectations
Taylor Wimpey appoints non-executive chairman
Wolseley to beat profit predictions
How can we
help?
A fall in shelved projects tempered by a rise in
cancellations
Glenigan’s latest figures on the value of projects that have
been shelved showed an encouraging fall in postponements. There was
a drop in both the value and number of projects (under the value of
£100 million) being placed on hold during the three months to April
compared with the previous year. While the number of projects that
were postponed fell by a third, the total value of those projects
compared to the same period a year earlier dropped by 54%.
Both private and public sectors saw a fall in the value of
construction projects that were shelved across the majority of
their component parts. The sectors with the biggest decline in
delayed projects were education and industrial, as the value of
such projects fell by 80% and 61% respectively compared to a year
ago.
Project restart figures were also encouraging. Compared to the
previous three months, there was a 48% increase in the value of
projects that, having been on hold, were later restarted in the
three months to April. Social housing restarts were up 71%, and
education restarts rose by 69%. These are both sectors that have
previously suffered from postponements and cancellations, and no
doubt will again.
In the three months to April private housing was the biggest
contributor of shelved projects, accounting for over a quarter of
all projects being put on hold. However the sector also accounted
for over a quarter of restarted schemes and 22% of total project
starts and only 7% of cancelled. The most disappointing data is for
the number of the frozen projects that have now been scrapped.
There was a 71% jump in the value of cancellations in the three
months to April against the previous three months. Large increases
were seen in the value of hotel, health and office projects that
were scrapped, having previously been ‘on hold’.
Unlike many elements of government spending, the NHS budget has
been given a high degree of protection from cutbacks. However, we
are likely to see a shift in spending away from areas such as
construction towards more immediate frontline spending. Despite
only accounting for 3% of the value for new project starts during
April, and only 8% of projects being put on hold, last month health
projects contributed 27% of cancellations. Included in these cuts
was the cancellation of a £60 million hospital extension in
Cardiff.
Back to
top
Featured region: North West
Recent performance
The decline in project starts in the North West during 2008 was
led by sharp falls in private housing, industrial, office and hotel
& leisure projects. This downward trend continued last year,
with the value of underlying private housing and industrial project
starts falling by 44% and 73% respectively, year-on-year. The value
of office project starts fell 45% over the same period. The absence
of any office projects of significant scale is particularly
noticeable.
The education and health sectors fared better. Building on
increases in projects starts during 2008; the underlying value of
education and health work starting on site during 2009 was
respectively 13% and 36% higher than the previous year.
Infrastructure starts in the North West have begun to improve
again following a poor few months. Indeed the value of underlying
infrastructure starts for 2009 as a whole were almost double the
previous year, in part due to work starting on the £46 million A34
Alderley Edge bypass. The flow of utility work was also strong,
with the value of underlying project starts during 2009 228% up on
a year ago, in large part due to a £80 million project at
Sellafield. The sharp rise in civil engineering projects, combined
with the increase in education and health projects, helped counter
the continuing weakness in the private residential and
non-residential sectors, limiting fall in the value of underlying
construction starts during 2009 to just 1%.
Back to
top
Prospects
Private housing had been a particularly fragile sector over last
year. Planning approvals for private housing projects remained
extremely poor in 2009, being half that of the previous year, and
pointing to a further weakening in project starts near term. Office
construction is also set to remain weak, with the value of
underlying planning approvals falling by a third year-on-year.
More encouragingly public sector related construction should
remain strong near term, following recent increases in the
underlying planning approvals for the education and health sectors.
However, a 31% fall in detailed planning approvals in social
housing projects during 2009 points to the sector remaining a drag
on construction activity in the region over the coming months.
Despite underlying construction starts are stabilising mid 2009
as the region benefited from an increase in public sector and civil
engineering projects (see table above), conditions in the region
have remained difficult,. With Government funding for public sector
projects coming under increasing pressure and private sector
projects in the region continuing to struggle, any recovery in
project starts will be slow to emerge. Indeed the value of
underlying project starts is forecast to fall 4% this year,
followed by a 1% fall in project starts anticipated for 2011.
Back to
top
Featured sector: Private Housing
Recent performance
The private housing sector has seen a dramatic retrenchment of
new project starts since the onset of the credit crunch. Some major
housebuilders began to scale back new work as early as the start of
2008. As the year progressed, conditions in credit markets
deteriorated further and growing numbers of new housing projects
were placed on hold. The value of underlying construction starts
began to fall sharply in May 2008 and the speed of the decline
accelerated during the second half of the year. During the fourth
quarter of 2008, the value of underlying construction starts was
half that of a year earlier at £1.6 billion. Overall the value of
underlying project starts slumped 28% during 2008.
Project starts maintained their downward momentum during the
first half of 2009 and, whilst the flow of new projects
subsequently improved during autumn, the sector suffered a further
23% decline during the year as a whole.
Housing market conditions
The credit crunch exerted a stranglehold upon the general housing
market as homeowners’ and investors’ access to mortgage finance has
dried up. During 2006 and 2007 an active housing market and high
house prices had been supported by generous lending criteria and
strong demand from buy-to-let investors.
In contrast banks and other financial institutions have been
extremely risk averse over the last two years as they have sought
to protect their damaged balance sheets and their potential
exposure to falling house prices and higher risk borrowers.
Potential homeowners, including first time buyers, now have to
provide substantial deposits in order to secure a mortgage
commitment. The number of mortgage approvals for house purchases
hit a low point during the fourth quarter of 2008 with approvals
averaging just 30,000 per month, a 63% decline on a year earlier.
Approvals have subsequently edged up steadily since February 2009,
although they remain weak by historic standards.
In addition the buy-to-let market has dried up, as specialist
lenders have exited the market and as the prospect of potential
price falls has deterred investors from adding to their portfolios.
Data from The Council of Mortgage Lenders shows that seven
consecutive quarters of decline had left buy-to-let gross lending
at very low levels by the second quarter of 2009. The number of
gross mortgage advances to buy-to-let investors for house purchases
during the second quarter of 2009 was 69% down on a year earlier.
The number of buy-to-let loans advanced subsequently saw their
first increase in two years during the third quarter of last year,
from 21,600 to 23,700. However, this compares to the quarterly
average of 86,525 loans given out in 2007. The decline is
significant for housebuilders as newly built, two bedroom
apartments have been the favoured product for buy-to-let
investors.
The fall in market activity during 2008 was quickly accompanied
by sharply lower house prices. The Nationwide recorded a 15.9% fall
in house prices during 2008, its largest ever annual decline (see
chart below). However, the housing market has stabilised
progressively over the last six months after the sharp falls in
prices and activity seen over the previous two years.
The dramatic cuts by the Bank of England in its base rate to
0.5% has helped rebuild banks’ balance sheets and to a lesser
extent, their willingness to lend. In addition record low interest
rates have also helped avoid the sharp rise in repossessions that
accompanied the early 1990s recessions when rising unemployment
coincided with high interest rates. This has prevented a flood of
distressed sales coming on to the market and appears to have been
an important factor in steadying house prices last year.
Mortgage approvals and house prices
House prices although fragile, have first stabilised and then begun
to recover. The Nationwide estimates that the firming in prices
since May 2009 pushed up house prices in February to stand 9% up on
a year ago, although they remained 13% off their peak in October
2007. Similarly, the Halifax index has recorded a firming in
prices, with average house prices in March were 5.2% up on a year
ago. Whilst improving, access to mortgage finance remains a major
problem for prospective house purchasers, especially first time
buyers. However, the fall in house prices and concerns over a
potential further weakening in prices during the coming year,
combined with the more uncertain economic outlook, are also
deterring prospective house purchasers.
Whilst the reinstatement of the £125,000 Stamp Duty threshold
had a short term impact on market activity and house prices, the
recent recovery in market turnover is likely to continue. However,
the rise in house prices is widely expected to lose momentum as the
supply of available property improves. Furthermore any renewed
weakening in the UK economy or potential rise in bank base rates
from their current extremely low level would quickly erode market
confidence.
However, the recent budget brought with it an unexpected boost
for the industry, as stamp duty for first time buyers was abolished
for house purchases under £250,000 until April 2012. This should
provide additional support for the anticipated rise in private
housing starts during 2010. The cost of the measure is to be paid
for by a new 5% stamp duty rate for house purchases over the value
of £1 million from April 2011.
Private new housing activity
Housebuilders responded to the rapid deterioration in the wider
housing market during 2008, cutting back their work in progress and
placing planned projects on hold. During the first half of 2009 the
value of project starts was 42% down on a year earlier. However,
more encouragingly, the second half of the year saw a modest
recovery in housing starts. Whilst developers continue to
prioritise completing and securing sales at existing sites, the
increased flow of new project starts reflects housebuilders’
growing confidence that market conditions will improve during 2010.
Indeed, a 20% rise in project starts is forecast for 2010 as market
conditions continue to improve.
Similarly, the National House-Building Council (NHBC) has
tracked the turnaround in private housing starts. During the first
quarter of 2009 the number of applications for private sector homes
recorded by the NHBC across the UK was 71% down on a year earlier.
The NHBC has subsequently recorded a pick-up in applications to
start: Applications totalled 4,994 units in July, twice the level
seen in January, although still a fraction of the monthly starts
seen during 2007. NHBC data continued to strengthen during the
second half of 2009. The initial improvement in the NHBC data ahead
of the rise in project starts recorded by Glenigan highlights
housebuilders’ focus upon building out existing sites, prior to
opening up new schemes.
Reflecting the fact that 2009 was a though period for private
housing, government data shows that the number of housing
completions were 26% down in England during 2009 compared to the
previous year. The North East was particularly badly hit, as
completions halved over the year. However, we expect the flow of
completions to strengthen as the recent upturn in project starts
begins to lift completions during the second half of the year.
Given the moribund conditions in the wider housing market, and
in particular the reported lack of supply of second hand properties
on the market, housebuilders have been well placed to increase the
market share of new house sales, especially among first time buyers
frustrated with slow moving housing chains.
While the North of England, the Midlands and Wales endured the
sharpest declines in planning approvals during 2008 as a whole, the
downturn eventually became more entrenched across the UK. In
particular, London, which had previously fared relatively well,
suffered a slump in new project starts. Project starts in the
capital during 2009 were 11% down on a year earlier.
Private housing construction starts in Northern Ireland had been
an exception to the malaise. A general firming in project starts
during the second half of the year was boosted by work starting on
the £75 million Donegal Quay development. While underlying project
starts were flat during 2009, detailed planning approvals have
fallen back and the flow of new schemes is now set to fall over the
coming months.
Back to
top
Prospects
Whilst we anticipate a further strengthening in private housing
starts over the course of this year, the recovery in the wider
housing market remains fragile. Although mortgage approvals have
risen progressively since the start of 2009, the recent
stabilisation in house prices has been driven by a lack of second
hand properties coming on to the market. This, rather than a marked
strengthening in demand has helped arrest the decline in house
prices. Indeed first time buyers, generally perceived as a crucial
motor for the housing market, remain scarce. A recent survey by The
National Association of Estate Agents (NAEA) reported that first
time buyers accounted for only 19% of agreed sales during November.
Whilst the recent recovery in market turnover is likely continue,
the rise in house prices is widely expected to lose momentum as the
supply of available property improves.
Moreover, the deterioration in UK economic prospects and, in
particular, high unemployment and weak earnings growth, will
continue to dampen purchaser confidence over the coming year. Any
renewed weakening in the UK economy or potential rise in bank base
rates from their current extremely low level would quickly erode
market confidence. Against this background, the outlook for the
private housing sector will remain difficult and we anticipate only
a modest improvement in sector starts over the next 12 months.
Nevertheless the recent pick-up in project starts since the autumn
indicates that housebuilders are becoming more confident and are
looking to capitalise on any modest improvement in market
conditions during 2010.
Planning approvals for private housing projects during 2009 were
38% down on the previous year. However, whilst both planning
applications and approvals for new build private housing schemes
remain extremely weak by historic standards, they have moved up
from the low points reached at the start of last year. During the
three months to December 2009, the value of underlying planning
approvals for new build housing schemes was 17% down on a year
earlier, while the value of applications edged up 4% over the same
period. Recent data demonstrates that housebuilders remain focused
upon building out existing schemes and have a large pool of sites
with planning approval upon which to draw as the market gradually
improves.
Government support for housebuilders is now filtering through.
At the end of October, the Housing Minister John Healey finalised a
£400 million funding package to reactivate over 136 stalled housing
developments (out of an initial shortlist of 270 projects). This
first phase of the Kickstart programme will support the
construction of 10,000 new homes. Whilst the product mix varies
considerably between developments, overall the first phase will
support the construction of over 5,000 market priced properties,
2,500 Home Buy Direct properties and the remainder will be a
combination of social housing and low cost home ownership. These
projects will help to lift underlying project starts over the
coming months, with the properties due for completion the end of
March 2011.
A second wave of Kickstart is planned, with over £500 million
available. A shortlist of 265 projects has been released and the
Government believes that the second wave funding could support the
construction of up to 55,000 homes (although the average level of
support per property would clearly be a fifth of that seen during
the first phase). Round 2 schemes need to start on site by 31 March
2011 and complete on site by 31 March 2012.
Most of the major housebuilders have raised additional capital
since last summer. Barratt has been among the latest to announce a
rights issue in order to cut their borrowing and provide funds for
discounted land purchases. However, whilst some housebuilders are
now looking to add to their land banks, the latest data suggests
that there will be no rush to bring forward acquired sites for
development.
Despite the economic downturn and the turmoil in the housing
market over the last two years, the underlying potential demand for
housing continues to increase due to population growth and changing
housing needs. This should help support the modest recovery in
private housing construction starts anticipated for 2010 and 2011
as mortgage funding and market confidence gradually return,
allowing a growing proportion of this potential demand to be
realised.
Back to
top
Project News
£65 million improvements to M9 junction 1a
Transport Scotland has issued a prior information notice for the
upgrading of the M9 Junction 1a, Newbridge in Lothian. Works for
the £65 million scheme, will include west facing connections
between the M9 and the M9 spur, improvements to the east facing
slip roads, widening of the M9 between junction 1A and the River
Almond and construction of a new bridge. Works are expected to
start on site in July 2011.
Tenders invited for university refurbishment
The University of Manchester is currently inviting tenders for
refurbishment to the Ellen Wilkinson building. This is phase 2 of
the refurbishment works. Tenders are due to be returned on the 4th
June 2010. The £2 million scheme was designed by Fairhursts Design
Group Ltd. Works are due to start late June 2010.
Back to
top
Council seeking contractor for mixed use scheme
Northamptonshire County Council has issued a prior information
notice in the Official Journal of the European Union with regards
to the proposed new development at Northampton Town Centre. The
Council are looking to provide new mixed use facilities including
office accommodation and a civic hub incorporating cafes,
restaurants and bars. Northamptonshire County Council is currently
developing an outline business case for this project. It is
anticipated that the contract notice will be published in the
Official Journal of the European Union in June 2011. Work is likely
to start on site in April 2013 and finish in October 2014.
Tenders returned for biomass plant
Tenders have been returned to MGT Tyne for the construction of a
300MW biomass power plant, know, Tyne Renewable Energy Plant. The
plant will burn imported clean wood chips from certified
sustainable sources to produce enough energy to power 600,000
homes. The main contracts will be confirmed in July 2010 with works
starting in the Summer 2010. The Tees Renewable Energy Plant will
enter commercial operation in 2012/13.
Glas sails in to south London with £25 million
Glas has completed this £25 million, 164-flat mixed-use scheme
in Southwark Bridge Road, south London The 17,500 sqm project for
Buxton Homes, which includes 62 affordable homes and 2,200 sqm of
street level office space, is clad in brushed, anodised-aluminium
panels in recognition of the area's industrial and boatbuilding
past. Glas director Nazar Sayigh said: "We weren't shy of the
borough's industrial and shipbuilding heritage [and] the finished
building bears some resemblance to a large ship docked on the
site." Hunter Douglas supplied the Multiple Panel Façade system
(MPF) made up of almost 5000 individual silver-grey panels of
varying sizes - the largest ever MPF order for anodised aluminium
in the UK.
Costain Skanska JV awarded Crossrail contract
Costain, in joint venture with Skanska, announces that it has
been awarded a second contract by Crossrail, as part of its
enabling works framework, for the construction of the Pudding Mill
Lane Portal. The value of the contract is similar in size and scope
to the Royal Oak portal previously announced in March. Pudding Mill
Lane Portal, which is close to Stratford and adjacent to the
existing DLR, overland railways and the Lea River, will act as the
transition ramp for Crossrail trains when entering and exiting the
north east section of the central London tunnels. Work will begin
immediately and is scheduled for completion in summer 2011.
Commenting on the contract award, Andrew Wyllie, Chief Executive of
Costain, said: "To have secured another contract on Crossrail so
soon after the Royal Oak contract is excellent news for Costain and
reflects our recognised skills and capabilities in this arena.
Crossrail will be one of the greatest engineering projects seen in
the UK for some time and we are delighted to be playing a major
early role in its delivery."
Back to
top
Company News
McGee turnover hit by shelved jobs
Shelved commercial projects cost McGee Group almost 40 per cent
of its forecast turnover last year, according to chairman Ian
Reeves. McGee Group's turnover in the year to 31 May 2009 totalled
£62.8 million, down from £74.1m in the prior year. But the
specialist contractor had been on target to break the £100m mark in
2008/9 before a number of its projects were put on hold or scrapped
altogether. Mr Reeves said: "The turnover drop is a stark fall from
where we were heading. "In April 2008, when we were finalising our
budget for the year ahead, we had projections for a turnover of
about £100m. "As we came through to June and July we had clients
calling us up to say they had to postpone their projects. "This
reached its zenith when Lehman Brothers collapsed. We had to
radically reassess our forward projection." Mr Reeves said a prime
example of a mothballed project hitting McGee's books was British
Land's 225 m-high Cheesegrater skyscraper in the City of London.
McGee was carrying out enabling works when the scheme was shelved
in August 2008. Mr Reeves said he expected turnover in the current
year, ending 31 May 2010, to have dropped even further to about
£50m. This would be roughly the level the firm was at when he
joined in March 2007. But he is expecting to increase turnover by
about 20 per cent in the next 12 months as the firm diversifies
into new markets and the office sector begins to recover. "The
commercial market has picked up a little and we are starting to see
the benefits of people appreciating that we are capable in civils
as well as building," said Mr Reeves. Mr Reeves said McGee's
strategy since 2007 had been to offer a full range of construction
services.
Back to
top
BDP regains AJ100 top spot
BDP has returned to the top of the AJ100 - the definitive list
of Britain's biggest architecture firms - after only a year's
absence. The global practice, which has taken first place in nine
out of the last 10 years, stole the top spot from Atkins, which
dropped 138 architects from the 381 it employed in 2008. Atkins,
which slipped into third place in the table behind Foster +
Partners, blamed a new internal way of classifying architects who
are 'no longer practising' or have changed discipline for the huge
reduction in its qualified staff.
Although BDP shed around 51 staff, the practice still boasts 296
registered architects and secured £47 million of fees for UK-based
work in 2009. It recently opened offices in Abu Dhabi and Delhi,
and is understood to be working with Rafael Viñoly on the £1
billion leisure development next to Manchester City Football Club.
BDP chief executive Peter Drummond (pictured) said: 'We have come
through [the recession] more unscathed than we thought we would -
so far. With the banking crisis in 2008 we expected more of a
cliff-edge drop, but that hasn't happened.
'This is due to the diversity in projects and the strategic
decision we made eight years ago to get into education and health.
As for the future, it is impossible to predict,' added Drummond. Of
the top 10 practices, only Aedas and Austin-Smith:Lord increased
their staff numbers, while BFLS (formerly Hamiltons) fell 29 places
to 36, having lost practice founder Tim Hamilton and director Robin
Partington late last year. Among newcomers to the AJ100 are
Scottish firm Page/Park Architects and Reiach and Hall, which both
squeezed in at joint 93rd place. The AJ, together with Imperial
College London, has compiled in depth analysis of this year's AJ100
survey which includes invaluable data on fees, salaries and
workload.
Back to
top
North Midland reports increase in Q1 profit
North Midland Construction has reported a 32.6 per cent increase
in pre-tax profit in the first quarter of 2010 compared to last
year. In a trading update North Midland said it had turned a
£600,000 profit in the first quarter on turnover up 6.7 per cent to
£38 million compared with a year earlier. The group¿s secured
workload that will be completed within the current financial year
stands presently at £154 million. The trading update said: "All
divisions within the Plc are trading profitably, with an enhanced
performance from the utilities division. "The Nomenca subsidiary
has delivered a positive performance, with profitability reduced to
£0.1million from £0.15million for the quarter. "The building
subsidiary, however, has, due to the extremely competitive margins
prevailing, returned a small loss of £21,000. Confidence is high
that this situation will be rectified by the year end. "There has
been positive cash generation during the period and the group's
banking facilities have recently been
extended."infrastructure."
Back to
top
Kier trading in line with expectations
Kier is trading well with a healthy cash balance, the firm said
today, as it announced an acquisition in the waste sector valued at
up to £7.1 million. Kier has acquired a materials recycling
facility at Ettington, Warwickshire via the purchase of Pure
Recycling Warwick from Pure Recycling Co Limited and Pure Buildings
from Nicholas Spencer and Jodie Spencer for an initial £2 million
in cash. The MRF facility, which is under construction and is
currently due for completion in March 2011, will be one of the
largest MRFs in the UK and will be able to process a minimum of 25
tonnes of recycled waste per hour. A further maximum of £5.1
million will be paid at completion. The Pure Recycling acquisition
is set to give Kier a total service offering to local authorities
in the waste sector. Kier chief executive Paul Sheffield said: "Our
order books of secured and `probable¿ work provide all of our
targeted construction revenue for the year to 30 June 2010 and 82
per cent of our targeted revenues for 2011, slightly ahead of last
year's position." In a statement that was short on actual numbers,
directors said the construction business is still achieving good
results. Directors also added that there has been positive activity
in the market for land, which could lead them to sell some of their
6,000 plots. The firm said: "We remain in a period of economic
uncertainty and the impact of the measures and policies of the
incoming coalition government is as yet unknown."
Back to
top
Taylor Wimpey appoints non-executive chairman
Taylor Wimpey has appointed former Serco chairman Kevin Beeston
as non-executive chairman. Mr Beeston will succeed Norman Askew ,
who announced his intention to stand down from the board in
December 2009 from 1 July. Mr Askew will step down as chairman and
leave the company on 30 June. Mr Beeston recently stood down as
chairman of Serco Group after 25 years with the company and 8 years
as its chairman. During that time, Serco developed from a small UK
technical services business to become a FTSE 100 international
service company. He has previously held non-executive positions
with industry representative bodies such as the CBI, Chartered
Management Institute and Business in the Community. Mr Beeston
said: "Having spent the majority of my career with Serco Group, I
am looking forward immensely to applying my service experience to
Taylor Wimpey's future strategic direction and development."
Back to
top
Wolseley to beat profit predictions
Building and heating supplies firm Wolseley highlighted an
upturn in fortunes as it revealed it was on course to beat profit
expectations. The group, which trades as Build Center and Plumb
Center, said most of its markets were continuing to stabilise.
Wolseley shares jumped 8 per cent in a weak market as investors
welcomed the firm's prediction that it expected to exceed the
current City forecast for profits of £374 million in the year to 31
July. It reported like-for-like revenues growth in the UK and
Canada during the quarter to 30 April and said new residential and
repair and maintenance markets were expected to continue to
improve. Wolseley chief executive Ian Meakins said: "Demand across
the markets in which we operate remains mixed though most markets
continue to stabilise. "The UK and Canada generated like-for-like
revenue growth and the revenue trend is encouraging in the USA. Our
focus remains on improving customer service, maintaining market
share and margins, driving efficiencies in our cost base and cash
generation."
How can we help?
We always welcome your comments and suggestions on how we can
help improve our service. Whether you have a suggestion about the
website, or would like assistance from your Account Manager on how
to meet your aims and objectives, please contact us.
Breakfast briefing: Construction under a coalition
government
Date: 13th July 2010
Time: 08.00-10.30
Price: FREE
Venue: Manchester Conference Centre, Weston Building, Sackville
Street, Manchester, M1 3BB
George Osborne will unveil the coalition government’s emergency
budget on 22 June. The Treasury and the Bank of England have
advised that cuts could be made immediately without damaging the
UK's overall economic recovery prospects. What will the cuts mean
for the construction industry? Glenigan, Infrastructure Journal and
DeHavilland will examine what the coalition government policies and
emergency budget will mean for the construction industry at this
complimentary breakfast briefing. Join us to gain insight from, and
debate the issues with, leading industry experts.
Why should you attend?
- Assess the impact of government budget cuts on public sector
construction activity;
- Evaluate growth prospects for private sector construction
projects to focus resources and investment strategies;
- Appraise the impact of cuts to quango spending. Construction
quangos including Partnerships for Schools and the Homes and
communities Agency are among the largest spending quangos;
- Put your questions to leading industry experts;
- Network with senior people from the construction industry, its
suppliers and investors; and
- Delegates will receive a free copy of the Glenigan Key Market
Indicators report which retails for £295.
Who should attend?
- Senior executives from contractors and suppliers to the
construction industry; and
- Construction industry financiers.
Speakers
Allan Wilen, economics director, Glenigan, the trusted source of
construction industry market data, analysis and forecasting.
Angus Leslie Melville, editor, Infrastructure Journal, the leading
insight and data service for global infrastructure and project
finance.
Ben Howarth, operations manager, DeHavilland, the leading provider
of UK and EU political intelligence.
Programme
08.00 - 09.00 – Registration, breakfast and networking
09.00 – 09.30 – Allan Wilen, economics director, Glenigan
09.30 – 10.00 – Angus Leslie Melville, editor, Infrastructure
Journal
10.00 – 10.10 – Ben Howarth, operations manager, DeHavilland
10.10 – 10.30 – Q&A
10.30 – Close
Register now
To register simply email graham.newman@glenigan.emap.com
or call 01202 435961. Places are limited so register now for this
free event to avoid disappointment.
Further information
Contact Graham Newman on 01202 435961 or at graham.newman@glenigan.emap.com
For further venue details go to www.manchesterconferencecentre.co.uk
Back to
top
Allan Wilén, economics director,
Glenigan
Allan joined Glenigan to head the development of the new market
intelligence service for Glenigan subscribers. Allan has over
twenty years of experience analysing and forecasting the UK
construction industry. He was previously Economics Director at the
Construction Products Association and responsible for all economic
aspects of the Association’s activities. This included briefing
members, the media and Government on the commercial implications
for the construction industry of the changing economic environment
and the delivery of the Government’s expenditure plans. Allan was
also responsible for developing the wide range of regular economic
reports published by the Association, including its Construction
Industry Forecasts, which provide members with timely and valuable
market intelligence.
Back to
top
Ask Glenigan…
Our dedicated customer services teams will ensure you receive
the maximum benefit from Glenigan.com throughout your subscription.
Whatever assistance you need with your subscription, we’re here to
help.
Training and Implementation
Get the most from Glenigan.com with one-to-one or group training
for every user.
Phone: 0871 226 2510
Fax: +44 (0)1202 423414
training@glenigan.emap.com
Available Monday-Friday 09.00-17.00
Account Management
A dedicated team for everything from adding new users to
changing your subscription criteria.
Phone: 0870 443 5373
Fax: +44 (0)1202 423414
usersupport@glenigan.emap.com
Available Monday- Friday 08.30 -17.00
Information Hotline
Instant access to our researchers for the very latest project
information, even when you are on the move.
Phone: 0870 442 7626
Fax: +44 (0)1202 417134
hotline@glenigan.emap.com
Available Monday-Friday 08.30-17.00
Back to
top