Taylor Wimpey: Higher demand buoys sales as firm preps for planning reform Property After a tough start to the year, Taylor Wimpey has reported signs of improving customer demand as mortgage rates fall and affordability pressures ease. The housebuilder said it remained on track to deliver UK volumes in line with previous guidance of 9,500 to 10,000 homes and operating profit consistent with current market expectations. In the [...]
Calls for audit reform grow after ISG found to owe £1bn Business Construction giant ISG collapsed with debts over a billion pounds, newly published filings have shown, prompting fresh calls for audit reform. ISG, which specialised in delivering government contracts projects like London’s velodrome, went bust in September after attempts to secure a rescue deal failed. The demise of ISG was the largest and most significant collapse [...]
Morgan Sindall: Profit at construction firm set to surpass expectations Business Profits in the Fit Out division have continued to "strengthen significantly" due to exceptional volumes and will "materially exceed" expectations, it said.
Ibstock: Housebuilding is recovering, but rebuilding supply chains will take time October 17, 2024 Building supplies company Ibstock has said that it has seen early indications of a positive trend in the UK’s housing market, but a full recovery in end markets won’t happen soon. It said that it saw new-build residential activity improving, but that it “expect[s] this to take time to feed through into sustainably stronger demand [...]
Marshalls: Revenue ticks down but recovery on the horizon October 16, 2024 Housing industry supplier Marshalls has reported another dip in revenue but has predicted a cyclical recovery in its key markets. The group, which is headquartered in West Yorkshire, said that revenue fell by three per cent year on year in the third quarter, a “material improvement”, from earlier in the year. Year-to-date revenue stood at £476m, down [...]
Bellway profit craters but shares jump on strong look-ahead October 15, 2024 Despite a significant drop in completions and profit, housebuilder Bellway has said it is well-positioned to deliver growth going forward and supports the Government’s plan to unlock housing construction. Shares surged by more than eight per cent in early trades. Bellway told markets this morning that profit fell by 44.6 per cent in the year [...]
Vistry shares plunge after builder warns on profit October 8, 2024 Vistry shares plunged around a third in early deals this morning after the company issued an unscheduled profit warning. The share price has since stabilised, but it remains down by just over 24 per cent. The group has warned that its profit will be £80m lower than expected this year due to issues with some [...]
Construction sector surges thanks to interest rate cuts and planning reform October 4, 2024 "UK construction companies indicated a decisive improvement in output growth momentum during September," Tim Moore, economics director at S&P Global Market Intelligence said.
SIG: Revenue drops as housing supplier warns of continued weak demand October 2, 2024 Housing supplier SIG has reported another drop in revenue after soft demand for interiors continued to bite. Group like-for-like revenue saw a sequential improvement but still dropped by four per cent in the three months to 20 September, after a seven per cent decline in the first half of the year. SIG said that weak [...]
ISG collapse shows cracks in UK construction industry September 24, 2024 The crisis engulfing ISG raises questions about the entire UK construction sector, not just its own weak business model.