Glenigan Insight
9th March 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.
Government investment boost for construction output
Featured Region:
Northern Ireland
Featured Sector:
Private Housing
Project News
Heron Brothers awarded contract
Tenders back for infrastructure works
Archer Hoblin awarded contract
Isle of Wight roads deal worth £1.2bn up for grabs
National Media Museum seeks architect for London home
Museum designer sought
Company News
Cala Group ditches commercial arm after £33.9m loss
Farrell unveils tallest tower by UK architect
KPF completes 'shimmering' Paddington Central office block
John Dodds to sign off with Kier boasting increased margins
Shepherd believes direct labour is key to post-election success
Balfour Beatty turnover passes £10bn
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Breakfast Briefing - Your Invitation
Official data released by ONS on Friday provides a breakdown of construction output during the final quarter of last year. Whilst the figures confirm that overall the volume of construction work fell 1% during the quarter, this was largely due to a renewed weakening in repair & maintenance work.
In contrast the volume of new work rose 5% during the quarter as a surge in the volume of infrastructure and public sector activity offset sharp falls in private sector output. Indeed the official statistics recorded a 31% rise in the volume of infrastructure output against the final quarter of 2008 while new social housing output rose 21% and public sector non-residential work, such as health and education projects, was 40% higher.
Clearly the Government’s efforts to support construction activity during the recession by bringing forward capital funding has helped lift public sector activity over the last year. In addition work is gathering momentum on a number of major infrastructure projects including Thameslink and the M25 improvements. Glenigan has also recorded a rise in the value of infrastructure, social housing and public building projects starting on site since last April. Nevertheless the extent of the jump in sector output is striking.
In particular the rise in the volume of public non-residential work is all the more surprising when compared with the increase in the value of sector output. This rose ‘only’ 20% over the same period. The difference points to a 21% fall in the price being charged by contractors for public non-residential projects, a far steeper decline than in any other area of construction. Overall construction deflation stood at 4%, while even the recession battered commercial and industrial sectors saw a 7% price drop.
From the Government’s perspective the dramatic price fall indicates that the decision to bring forward investment has provided value for money, as well as offering wider economic benefits by bolstering the construction industry and securing the earlier delivery of new schools, hospitals and other public facilities.
The message for the construction industry is less encouraging. Contractors’ enthusiasm for securing government funded projects has intensified competition in the public non-residential sector as firms have redirected their efforts away from the struggling industrial and commercial sectors. Contractors are clearly passing on the benefit of weak labour rates and material prices to clients.
Nevertheless the dramatic fall in recorded prices suggests that whilst the amount of public sector work has risen sharply, margins are being squeezed hard. A wider recovery in construction activity is likely to intensify the margin squeeze on projects secured over the last year as material and labour costs begin to firm.
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Recent performance
The value of underlying private housing starts was surprisingly strong during 2008. Project starts rose by a third last year, boosted by the £75 million Donegall Quay development. The value of underlying starts remained firm for much 2009, but the closing months saw a sharp drop in project starts.
Outside private housing, the industrial sector also saw an increase in the value of underlying construction starts during 2008 after several small projects commenced in the second half of the year, and project starts subsequently remained firm last year. Government funded projects have been a major source of support for the industry over the last two years. The Government-funded areas of health, education and community & amenity have all grown strongly. However, the flow of social housing projects lost momentum during the second half of 2009, with the value of work starting on site during the year as a whole 7% down on 2008.
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Prospects
The deteriorating economic environment and the recent dip in detailed planning approvals will increasingly restrict the flow of new project starts over the next two years. The value of project starts during 2009 was boosted by work commencing on the Atlantic Quarter development. This will drag the year-on-year comparison lower during 2010. Furthermore government funded projects have been an important area of support for project starts over the last year; as elsewhere in the UK, available funding for such projects will become increasingly scarce over the next two years.
Additionally, having held up surprisingly well, the private housing sector is expected to fall back over the coming year. Overall construction starts are expected to slip back 17% this year, with a further, more substantial 23% fall in prospect for 2011.
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Recent performance
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 housing market activity 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.
Housing market conditions
The credit crunch has exerted a stranglehold upon the general housing market as homeowners’ and investors’ access to mortgage finance has dried up over the last year. During 2006 and 2007 housing market activity 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, 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. CML data 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. 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 December to stand 5.9% up on a year ago, although they remained 12.4% off their peak in November 2007. Similarly, the Halifax index has recorded a firming in prices, although average house prices in December were just 1.1% 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 recent recovery in market turnover is likely to continue, 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.
Private new housing activity
Housebuilders responded to rapid deterioration in the wider housing market, 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 modestly during 2010. Indeed, a 15% rise in project starts is forecast for 2010 as market conditions continue to gradually 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.
This is underlined by the surge in private completions as housebuilders seek to capitalise upon the modest improvement in mortgage availability. Private completions averaged 7,200 properties a month during the May to July period, 50% above the number of new housing starts.
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 has now become more entrenched across the UK. In particular, London, which had previously fared relatively well, has now suffered a slump in new project starts. Project starts in the capital during 2009 were 14% down on a year earlier.
Private housing construction starts in Northern Ireland had been an exception to the current malaise. A general firming in project starts during the second half of the year was boosted by work starting on the £75 million Donegall 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.
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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, rising 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 slightly 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 39% 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. The latest 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 £450 million funding package to reactivate over 150 stalled housing developments. This first phase of the Kickstart programme will support the construction of over 11,000 new homes. Over 5,000 of these houses will be affordable homes for low cost sale or rent. A second wave of Kickstart is planned, with over £500 million available. A number of developers have already submitted bids for funding to take forward stalled projects, and the second wave bids could support the construction of up to 55,000 homes.
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 landbanks, 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.
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Project News
Heron Brothers awarded contract
Heron Brothers has been awarded the main contract for the construction of a secure children's home at Copelaw, Aycliffe in New Aycliffe for Durham County Council. The £14 million scheme has been designed by HPA Architecture and will comprise of a 38 bedroom childrens home. Works commenced February 15th 2010.
Project ID: 09197132
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Tenders back for infrastructure works
Tenders have now been returned for the construction of the phase one infrastructure at the Bristol and Bath Science Park in Bristol for Quintain Estates & Development Plc. The engineer for the £7 million scheme is Peter Brett Associates. Work is due to start on site April 2010.
Project ID: 08161236
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Archer Hoblin awarded contract
Archer Hoblin has been awarded the main contract for the construction of 33 houses and flats at Algernon Road in London. The £4.2 million scheme for Family Mosaic has been designed by architect BPM. Work is due to start on site late March 2010.
Project ID: 08498255
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Isle of Wight roads deal worth £1.2bn up for grabs
Isle of Wight Council is seeking a contractor to manage its network of roads on a 25-year PFI deal worth up to £1.2 billion. Works will include management, refurbishment and maintenance of all publicly maintained rural and urban roads, including kerbs, cycleways, footways, verges and drainage systems. The successful contractor will also be responsible for routine and winter maintenance, upgrade of structures to 40 tonne capacity and dealing with civil emergencies, among other projects.
The deadline for expressions of interest - which can come from individual companies or consortia - is 2pm on Tuesday 13 April 2010. Invitations to tender will be handed out on 3 June. The total value of the contract is expected to be between £1bn and £1.2bn.
Project ID: 08183877
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National Media Museum seeks architect for London home
Bradford's National Media Museum has launched the search for architects to work on the design of its London Galleries Project - planned to open in 2012. The expression of interest document states that the London Galleries project will have a 1500m² floor plan and specifies the designs should include flexible exhibition spaces; a screening and performance space; private study rooms and café bar and kitchen facilities.
The museum's current home in Bradford was re-opened in 2004 following a £8.2million re-design by Austin-Smith:Lord. The new London location aims to fulfil museum's long-held plan to open up a London outpost. No site has been chosen for the project at this stage. Interested parties can register their interest via mytenders.org. The closing date for expressions of interest is 12 noon 03.04.10.
Project ID: 10085339
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Museum designer sought
Applications to tender are currently being invited by Torbay Council for a specialist museum designer and installer for part of the redevelopment work at Torre Abbey. The £5 million redevelopment of the Abbey's galleries will be carried out as phase two. The scheme is dependent on a successful bid to the Heritage Lottery Fund, and Cyril Sweett is acting as the quantity surveyor.
Project ID: 10086450
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Company News
Cala Group ditches commercial arm after £33.9m loss
Cala Group is ditching its commercial property arm after crashing to a loss for a second year running. The Edinburgh-based group reported a £33.9 million pre-tax loss in the year to 30 June 2009 after the previous year's loss of £260 million, largely due to £239.6 million in writedowns. Cala struck a debt-for-equity deal with the Bank of Scotland on 21 December 2009 to secure its future. But the firm said in its latest accounts that it has decided not to invest further capital in its Cala Properties commercial property arm, as a result of "trading conditions and recovery prospects" in the market.
It plans a "managed reduction" in the group's exposure to the commercial sector over time until it becomes exclusively a residential builder. Key developments it has been involved in over recent years include the Clydesdale Bank Plaza in Edinburgh, the Clydesdale Bank Exchange in Glasgow and Almondvale Business Park in Livingston. The bulk of the loss in the latest financial year was made up of interest payments of £29.5 million. Turnover fell to £168.9 million from £175.2 million. Despite signs of improvement in the housing market, the company said it expected to remain loss-making in the current year "before the prospect of returning to profit" in 2010-11.
The debt-for-equity swap saw loans converted into new preference shares and provided fresh borrowing facilities through to June 2013. On 21 December senior independent director Professor Ian Percy was appointed interim chairman until a permanent appointment is found while Alan Brown was promoted to chief executive. Gerry More, chairman of Cala Properties and Cala Finance, stepped down from the group board while group founder and executive chairman Geoff Ball and group managing director Alan Downie also resigned as directors as part of restructuring.
Prof Percy said: "In the financial year to 30 June 2009 the housing market continued to prove extremely challenging although signs of stability emerged during the second half. "The outlook continues to improve although a considerable amount of uncertainty remains in the housing market, largely driven by the constrained supply of mortgages and prospects for the wider UK economy, particularly employment."
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Farrell unveils tallest tower by UK architect
Terry Farrell + Partners has revealed the latest image of KingKey Tower, the tallest skyscraper in the world designed by a UK architect. When completed the 98-storey (439m) mixed-use structure in Shenzhen, China will house 210,000 m² of accommodation. There will be 70 floors of office space, a 20 floor 'six star' hotel and a basement level retail level linking to the Metro. A spokesman for the practice said: 'Given the current economic climate and difficulties many UK practices are facing, this project offers a fantastic opportunity to boost the profile and excellence of UK architecture worldwide.' The project, part of a larger scheme overseen by Terry Farrell, was won in competition in 2006 ahead of SOM, KPF and RTKL.
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KPF completes 'shimmering' Paddington Central office block
KPF has completed this £88 million office block next to Paddington Station in west London. The 22,000m2 Two Kingdom Street scheme - for Development Securities and building owners Aviva Investors and Quinlan Private - is part of the second phase of the large mixed-use Paddington Central development. According to the practice, the development moves away from the usual 'glass-box form of office'.
A KPF spokesman said: '[The] cladding system incorporates external mullions so the building appears as a shimmering metal form when viewed obliquely.' Nearly 2,000m² of studio and small business accommodation will be housed on the lower levels of the block with the main office accommodation is distributed over the upper floors of the building and is designed to house up to two individual tenancies per floor. AstraZeneca, the global pharmaceutical company, has taken 5,000 m² office space with the fit out of the top two floors currently underway for occupation in August 2010.
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John Dodds to sign off with Kier boasting increased margins
Kier has boosted its half-year profits despite a slip in turnover, aided by increased margins across both its construction and support services divisions. The company - which has increased its margin for support services to 4.4 per cent from 4 per cent a year ago - said maintaining its margins would be an "essential part of our activities over the coming months as the political landscape begins to unfold".
Kier's construction margin sits at 2.5 per cent, up from 2.4 per cent at the start of 2009, and was described as "robust and holding up well" in the current climate by outgoing chief executive John Dodds. While many contractors have seen their profits squeezed in the recession, Kier said it wanted to further improve its support services margin to 4.5 per cent this year. Mr Dodds added: "In construction our focus is on continuing to win work at the right price." He said that Kier would also continue to look at its cost base in order to maintain its strong margins.
The contractor last week reported a 21 per cent rise in underlying half-year pre-tax profit, despite turnover falling 9 per cent. Kier's profits for the six months to 31 December 2009 totalled £31.9 million, up from £26.4m a year
earlier. The results, however, were somewhat blighted by the £18m provision made for the company's Office of Fair Trading fine. Kier was last year fined £17.9m following the OFT's cover pricing investigation. The penalty is being appealed and any fine determined after this will not need to be paid until next year.
Meanwhile the group's order book has increased to £4.5 billion - up from £3.7bn a year earlier, with the construction division having already secured its 2010 target turnover and 73 per cent of its target for 2011. Mr Dodds said he was "very pleased" with his final set of results at Kier. He said: "When you look across the business, each of the divisions has performed well - we've increased our pre-tax profits, cash is strong and order books are in good shape."
The construction division's revenue did fall by 14.6 per cent from £794.2m to £678.3m. "We see that coming back up," said Mr Dodds. "We think that by the time we get to the end of June it will come back up again and be within 5 per cent of last year's figure." As the downturn continues to hit medium-size contractors, Mr Dodds said Kier would be keeping its eye out for contracts to acquire. "At the end of the last recession we saw a number of opportunities arising from businesses that had gone insolvent," he said. "We didn't buy the businesses but secured the work instead.
"We haven't seen many of these opportunities yet, but if they did come up then we would be very interested in picking up the work." Speaking for the first time about Kier's decision to withdraw from Tesco's retail framework late last year, Mr Dodds described the supermarket giant as a "very difficult" client. Tesco last year came under fire from the Association for Consultancy and Engineering, which claimed the supermarket was forcing its construction suppliers to cut fees by up to 40 per cent. "We have persevered with them for a very long time and we have made a mutual decision to part company with them for a while," Mr Dodds said. "We are currently trying to help them on their other mixed-use schemes. Whether any future work will come out of that I don't know yet. "But in the meantime we have been focusing on our work with Sainsbury's and Morrisons, who we find much easier to work with."
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Shepherd believes direct labour is key to post-election success
Shepherd Construction business director Gary Edwards believes the firm's direct labour force leaves it primed to benefit from a switch to more refurbishment work after this year's general election. The company expects major new build projects will be in short supply as the government attempts to reduce the national debt. But Mr Edwards said: "We are in a good position for this. For many years we have carried our own trades people so we have the ability to carry out refurbishment work as well as new build. "We have experience in virtually every market sector other than housebuilding and can flex the business into the emerging market, which is refurbishment.
"We have maintained a labour force and I believe this will give us a competitive advantage over the next three years," he said. Mr Edwards insists that the contractor remains a design-and-build contractor at its heart. "That is what we are good at and what sits at the heart of our strategy. We have just been shortlisted for the Stockton BSF
scheme, which is all design and build," he said. Shepherd Construction recorded turnover of £326.9 million in the 12 months to 30 June 2009, down very slightly from £329.2m the previous year.
The firm employed an average of 908 people during the 12 months of its last accounts, down from 961 in the previous year. Now it is aiming to use its employees to bounce back from a difficult period and reach £400m turnover within three years. Mr Edwards told Construction News: "Like a lot of companies we have had to restructure the business in the past 12 months and as a consequence this has had an impact on turnover. "But we now have a three-year strategic growth strategy and we are starting to head towards a target of being a £400m organisation within three years. Our order book for 2010/11 is ahead of the target that the board set."
Despite expecting cuts in public spending, he said: "In 09/10 we will produce better profit than 08/9. "We have factored into our plans the impact of public sector spending cuts. Construction will have to be cut. There will be fewer opportunities, but whoever comes to power, they cannot turn the tap off. There will be more smaller jobs." Mr Edwards added that a need to meet ever-increasing sustainability targets would see a growing market for retrofitting existing buildings.
"We will see developers looking to get the most from their assets. There will be less new-build work and more refurbishment. The sustainability agenda will see legislation that drives refurbishment work." Shepherd Construction last year made it on to the hotly contested £4bn academies 'super-framework' as well as joining the Medicinq consortium that is shortlisted for the similarly valued ProCure 21+ agreement. In these sectors it is therefore competing with industry giants including Balfour Beatty, Vinci and Carillion. But Mr Edwards insisted Shepherd Construction remained essentially a regional contractor. He said: "We are a regional, geographically led business and have offices throughout the UK. We believe the success of the business will be predicated by micro markets and customer relationships.
"We need to be involved in frameworks, which are ultimately delivered in the regions anyway." Shepherd is showing a keen interest in the academies framework. "We are starting to put preliminary invitations to tender forward for the initial academies jobs, and intend to put these forward on all the first six schemes."
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Balfour Beatty turnover passes £10bn
Turnover at Balfour Beatty passed the £10 billion mark for the first time after the contractor's latest results showed a 9 per cent rise in sales. Balfour Beatty's 2009 turnover including joint ventures totalled £10.4 billion, up from £9.5 billion in 2008 while group turnover excluding JVs rose to £9 billion from £8.3 billion. The turnover was split between the UK (54 per cent), US (31 per cent) and rest of the world (15 per cent).
Balfour Beatty's pre-tax profit increased by 7 per cent to £267 million from £249 million in 2008.
The order book increased by 10 per cent to £14.1 billion from £12.8 billion in 2008. Highlights of the year included the acquisition of Parsons Brinckerhoff which Balfour Beatty said transformed its capabilities in professional services. The firm said it enjoyed a good performance in support services after securing £700 million of AMP5 contracts. Balfour Beatty chief executive Ian Tyler said: "Our business has continued to perform well and finished the year with a strong order book of £14.1 billion.
"The acquisition of Parsons Brinckerhoff, one of the world's leading professional services companies for infrastructure markets, realised a number of the group's long-term strategic objectives. "We have created a high-quality business operating across the infrastructure lifecycle, which is uniquely placed in major markets to benefit from the long-term growth in investment in infrastructure. "There is substantial additional value in the combination of our capabilities for major customers.
"Increasingly, major infrastructure owners need an integrated capability from their trusted suppliers, resulting in less interface risk and greater certainty of delivery. "The breadth of our portfolio means our business is resilient. In spite of economic uncertainty, we remain confident about the prospects for the group."
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Breakfast briefing: The outlook for Construction after the Election
Date: 27th April 2010
Time: 08.00-10.30
Price: FREE
Venue: St. Pancras Room, Kings Place, 90 York Way, London, N1 9AG
The outcome of the impending General Election will have a major impact on the construction industry, whichever party wins. Glenigan and Infrastructure Journal have joined forces to examine what the election result will mean for the construction industry. We would like you to join us for this complimentary breakfast briefing to gain insight from and debate the issues with leading industry experts.
Why should you attend?
- Ensure your business is best placed to handle the threats and respond to the opportunities that the election result will present;
- Focus resources and investment strategies on areas least likely to suffer from funding cuts;
- Quickly get up to speed with the views of the major political parties on key construction issues;
- 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.
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 – 10.30 – 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 to attend 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.kingsplaceevents.co.uk
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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.
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