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Crest to enter FTSE 250 as profit and turnover soar

Source: Construction News 

Crest Nicholson is set to enter the FTSE 250 at market close today, after reporting boosts to both revenue and operating profit.In the firm’s half-year results to 30 April 2013, released this week, revenue jumped 39 per cent to £192m, up from £138.6m in 2012. Likewise, operating profit jumped 60 per cent to £28.9m, up from £13.1m on 2012, with profit after tax up 75 per cent to £16m.

Company Profile: Crest Nicholson  

McCarthy and Stone chief outlines £1.5bn development plans

Source: Construction News 

McCarthy and Stone chief executive Mark Elliott has set out £1.5bn in development plans and a plan to boost volumes to their pre-recession peak, as the firm celebrated its 1,000th development. The UK’s largest retirement homebuilder sold 1,300 units last year, but in peak trading conditions before 2007 the figure was around the 2,500 mark. The firm today announced a £1.5bn development pipeline in land acquisition and build costs coming on stream in the next five years, and said it expected sales to increase in all regions, adding around 200 units this year.

Company Profile: McCarthy and Stone 

ISG shrinks UK construction and restructures regions

Source: Construction News

ISG is reducing construction volumes in the UK while restructuring its Eastern and Midlands regions. The contractor made the announcement today alongside news it is acquiring a minority interest in Brazilian fit-out and refurbishment firm ACE and carrying out a placing to fund acquisitions. It said it expected its core London office market to improve, saying there was a “growing pipeline of opportunities” and that data centre, hospitality and high-end residential sectors also offered growth opportunities.

Company Profile: ISG  

Bidding wars force Costain rethink in Middle East

Source: Construction Enquirer 

Fierce competition from Asian contractors is forcing Costain to switch its focus from construction to consultancy in the Middle East. The contractor is now looking to expand its consultancy business in the region as low bids from Asian rivals hit construction work. Tim Bowen, Costain’s Regional Development Director, said: “We’re not looking for construction contracts, even though there has been no shortage of opportunity in that regard. 

Company Profile: Costain

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