Connect with us

Business

Lorne Stewart battles to return to profit

Published

on

Accounts for Saudi Arabian-owned LSRM Holdings last year reveal the Harrow-based group fell £3.7m into the red, coming on top of losses of  £2.2m in 2019 and £14.5m in 2018.

Revenue rose by 7% to £134m.

Over the year headcount was reduced by around 100 to 763 as the business was streamlined to meet Covid operational challenges. To support furloughed workers the group received £1.15m in Government support.

Among the key trading arms, the main M&E business Lorne Stewart improved on last year even in the face of Covid, recording a £350,000 loss on revenue up 12%  at £131m, compared to a £690,000 loss in 2019.

But the much smaller Rotary Building Services suffered a £2.3m loss on revenue slightly dipped at £9.5m.

Chief financial officer, Ramesh Krishnamurthy, said that despite the challenges and project delays cause by Covid, the business had improved cash generation, giving year-end net cash of nearly £14m up from £8m previously.

He added: “The board is reviewing the operational efficiencies to put the optimal structure in place to reduce costs.”

Business

Ringway to replace Kier on Surrey roads deal worth up to £2.5bn

Published

on

By

Ringway will take over from current incumbent Kier next April to carry out road repairs, resurfacing and specialist structural projects as well as the upkeep of drains, winter gritting and snow clearing under the contract which will initially run for 10 years with the potential to be extended up to 21 years.

Cabinet Member for Transport and Infrastructure, Matt Furniss said: “Ringway will work with SCC to invest £200m in Surrey’s highways over the next five years which will see improvements to approximately 350 miles of road and 180 miles of pavements. This will include the development and adoption of innovative materials, construction techniques and ways of working.

“I would like to thank Kier Highways Limited who have successfully delivered highways activities on behalf of the Council over the past eleven years.  We will work with them to ensure a smooth transition that doesn’t detrimentally affect services for residents.”

Mike Notman, Ringway Managing Director added: “We are very much looking forward to working with local people, partners and communities, ensuring that Surrey’s roads deliver connectivity and accessibility benefits for local people, as well as supporting the council’s climate change ambitions.”

The contract was awarded following a 12-month procurement process which saw seven organisations initially submit expressions of interest for the contract and Amey, Kier and Ringway make the shortlist.

Continue Reading

Business

John Nicolson takes aim at Newcastle Supporters over Saudi takeover

Published

on

By

SNP MP John Nicolson took aim at Newcastle supporters for ‘not caring’ about Saudi Arabia’s human rights abuses following the club’s controversial takeover last week.

The SNP culture spokesperson criticised some sections of fans for being “numpties dancing around in cod-Arabic dresses outside Newcastle United” after the takeover, and for the “enormous abuse” journalists received when reporting on Saudi Arabia’s human rights record.

Nicolson claimed “there was nobody who could have taken over that club, no matter the level of evil of the person… that would have resulted in anything other than celebration for large numbers of these Newcastle United supporters.”

Continue Reading

Business

BFT boosts fleet with new mastclimbers

Published

on

By

The new BFT120 Mastclimbing machines can reach heights of 130m with a total platform length of 30m when in a twin mast configuration.

The standard platform is 1.1m wide with a max SWL capacity of 3,700kg making it very versatile and suitable for many different construction projects.

BFT has around 600 of this machine type making up around one third of the fleet.

The new machines are all sourced from European manufacturers that BFT has held longstanding relationships with and come complete with CE certification and full service records available throughout their life.

BFT said: “It is important to note that these high quality machines meet all UK construction safety standards and we would actively encourage contractors to book a visit to our health and safety and maintenance facilities to see for themselves how this will benefit their projects.

“By keeping the machines maintained via rigorous safety checks both on site and back in our new manitenance facilities we are proud of our safety record and look forward to having more brand new machines out on sites in 2022.

Continue Reading

Trending

Copyright © 2021 topbuildhomes.co.uk