Construction news

• Three former Carillion bosses fined £870k by watchdog

  28-07-2022 12:22 via constructionenquirer.com
  
  Watchdogs at the Financial Conduct Authority have handed out fines to three former bosses of collapse contractor Carillion.
  The FCA has decided to fine former chief executive officer Richard Howson £397,800, former finance director Richard Adam £318,000 and former finance director Zafar Khan £154,400.
  The trio are appealing their respective Decision Notices to the Upper Tribunal where they will each present their case.The FCA also said it would have fined Carillion £37.9m
  
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• Cost inflation stalls £65m Carlisle Southern Link Road

  28-07-2022 09:14 via constructionenquirer.com
  
  Cumbria County Council and Morgan Sindall have parted ways after failing to agree a final construction price on the £65m Carlisle Southern Link Road project.
  The council has now decided to retender the project in an attempt to bring the 8km road scheme in on budget.
  It is the largest live road project so far to be stalled by industry-wide cost inflation.
  Also the latest delay will be a major setback for a planned major housing scheme in the region, vital to the growth of Carlisle.Carlisle
  
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• Midlands M&E firm P&R Morson files for liquidation

  28-07-2022 08:39 via constructionenquirer.com
  
  Midlands M&E specialist P&R Morson has filed for voluntary liquidation with debts believed to be over £4m.
  The £20m turnover business based in Halesowen carried out much of its work in the London building market.
  Among its main contractor clients were John Sisk, Graham and  Galliford Try.
  When the Enquirer contacted the firm several weeks ago amid rumours of financial problems, the firm said it was seeking to find an investor.Director Pauk Morris will seek to appoint But
  
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• Forterra brick prices rise 30% in six months

  28-07-2022 08:33 via constructionenquirer.com
  
  Masonry products giant Forterra has confirmed a 30% rise in brick selling prices since the start of this year.
  Similar increases were seen across its other product lines as profit margins rose across the business.
  A half year report released today revealed pre-tax profits increased to £44.2m for the six months to June 30 2022 from £29.1m last time as turnover increased to £222.8m from £180.3m.Stephen Harrison Chief Executive Officer said:  “Forterra delivered a
  
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• C Spencer back in profit after four years in the red

  28-07-2022 08:32 via constructionenquirer.com
  
  Hull-based multi-engineering contractor C Spencer Engineering Group has returned to profit after weathering four years of losses.
  A turnaround year to March 2022 saw revenue soar by nearly two-thirds to £75m, helping to generate a £790,000 pre-tax profit after a £1.7m loss last year.
  The group entered the new financial year with secured work in hand of £50m and a pipeline of £210m.
  Slipform Engineering, in which parent company Spencer Engineering Group, holds a majo
  
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• Trade credit insurers pull cover for offsite builders

  28-07-2022 08:09 via constructionenquirer.com
  
  Trade credit insurers are pulling cover from modular construction specialists as the offsite industry continues to go through financial turmoil.
  The Enquirer understands leading underwriters are limiting cover at very low levels or not offering insurance at all.
  The offsite sector has been rocked recently by a string of company failures and closures.Big names including Caledonian Modular, House by Urban Splash and Mid Group have all gone under this year while Countryside Partnerships is closing
  
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