{"id":486460,"date":"2023-09-21T12:45:47","date_gmt":"2023-09-21T11:45:47","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=486460"},"modified":"2024-09-11T10:46:24","modified_gmt":"2024-09-11T09:46:24","slug":"cn100-2023-back-in-the-driving-seat","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/financial\/cn100-2023-back-in-the-driving-seat-21-09-2023\/","title":{"rendered":"CN100 2023: Back in the driving seat"},"content":{"rendered":"

Despite continued economic turmoil, the release of pent-up demand got the industry back on track, with combined turnover and profit both surpassing pre-Covid levels<\/b><\/span><\/em><\/p>\n

Remember 2019? At the time it seemed chaotic, with the UK construction sector \u2013 along with the rest of the business community \u2013 facing a lack of clarity over the economic direction of travel after leaving the EU. Since then, construction firms have experienced even more turmoil, battered by Covid, Brexit and Russia\u2019s full-scale invasion of Ukraine.<\/p>\n

The resulting project delays, material-price inflation and supply-chain problems might make 2019 seem rosy. But the latest annual CN100 list of the biggest construction firms in the UK \u2013 covering annual accounts posted in the year to 18 August 2023 \u2013 shows that turnover, pre-tax profit and margin have finally recovered to above pre-pandemic levels.<\/p>\n

The year has seen some high-profile casualties, of course \u2013 Tolent, Henry and Buckingham are all missing from the list after collapsing. And a nervousness remains among industry insiders and analysts over what the coming months will bring.<\/p>\n

Despite this, the CN100 2023 companies saw their aggregate revenue hit \u00a370.82bn, while average pre-tax profit rose by 25 per cent. Average profit margin outstripped its CN100 2022 level with a year-on-year increase of more than 50 per cent.<\/p>\n

Only cash-at-hand and net cash were marginally lower than in the previous year \u2013 giving the overall impression of a sector recovering from the tumult of recent years. \u201cBetter performance this year is generally to be expected,\u201d says Allan Kelly, a partner at FRP Advisory. \u201cResults cover the first full year post-Covid. This has meant improvements in operating conditions in many cases, but of course with some still very acute persisting challenges, particularly when it comes to raw material price inflation.\u201d<\/p>\n

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Prudence pays off<\/span><\/h3>\n

No new companies entered the top 10 in this year\u2019s CN100; Morgan Sindall and Kier swapped places, as did Amey and ISG, but most of the leading contractors posted higher revenues than last year.<\/p>\n

Half of the top 10 delivered double-digit percentage turnover increases, while Balfour Beatty and Laing O\u2019Rourke stood out for boosting their net cash positions. \u201cI think in simple terms, the big companies have taken a prudent approach in a challenging market,\u201d says Chris Davies, managing director of DRS Bond Management. He adds that the top firms focused on their core competencies (\u201csticking to their knitting\u201d, as he puts it), and were able to factor inflation into bids for jobs that will last beyond the immediate period of price volatility. <\/span><\/p>\n

Rebecca Larkin, head of research at the Construction Products Association (CPA), says: \u201cThe largest contractors undoubtedly have the clout to manage uncertainty better than smaller firms lower down the supply chain, by pricing increases into tenders and adding clauses into contracts that put the onus more onto the client to cover cost rises midway through.\u201d<\/p>\n

While most of the financial indicators for the mega-contractors are positive, the headline figures conceal a more complex picture: top-ranked Balfour Beatty alone accounted for 50 per cent of the collective pre-tax profit returned by the 10 biggest contractors, and was also responsible for 88 per cent of their year-on-year profit growth.<\/p>\n

Inflation is one explanation for the higher turnover figures, given the ability \u2013 not to say need – for top contractors to raise their prices as the cost of providing their services increases. \u201cIn addition to higher prices, turnover would also have benefited from increased volumes of activity, particularly in the housing, industrial and R&M [repair and maintenance] sectors,\u201d Larkin remarks.<\/p>\n

But have contractors also been guilty of greedflation \u2013 using the cover of inflation to add extra charges? Analysts and industry insiders agree that it would be unfair to conclude that the top 10 companies have cynically enriched themselves at the expense of firms lower down the supply chain.<\/p>\n

Larkin says that taking care to optimise revenue is \u201cquite a precautionary \u2013 almost protective \u2013 stance\u201d from tier ones. \u201cThey\u2019re building in a bit of contingency on top of the higher prices that they\u2019re charging.\u201d<\/p>\n

The past few years may have taught contractors to be cannier and benefit from what Larkin calls \u201cthe asymmetry of information\u201d. If a contractor knows more than its client about the cost of materials, labour and fuel, it is sensible \u201cto add on a little more to protect cashflow and margin\u201d, she says.<\/span><\/p>\n

Inflation may be slowing down now, Larkin adds, but for most major contractors in the CN100, she believes \u201cit was a case of building in extra contingency in case you needed to increase wages a bit more, soak up material price rises and so on\u201d.<\/p>\n

\u201cUltimately, growing main contractor revenues will, over time, translate into more work for firms in the construction supply chain,\u201d Mace chief financial officer David Allen says, adding that \u201con average, tier one contractors are still making much lower margins than many firms in their supply chains, often while shouldering almost all of the risk\u201d. <\/span><\/p>\n

His comment is supported by analysis of the CN100 data. Firms with a turnover of \u00a3200m to \u00a3400m saw a median pre-tax profit margin of 2.3 per cent, compared with 2.4 per cent for firms between \u00a3400m and \u00a31bn. It was just 1.9 per cent for the \u00a31bn-plus contractors.<\/p>\n

Seddon group chief executive Jonathan Seddon says his firm has experienced inflation-related issues on contracts over the past year. \u201cDespite this, we have always found our customers to be pragmatic, with the understanding that inflation is real, and this has allowed us to come to a sensible and fair solution,\u201d he notes.<\/p>\n

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Margin and cash focus<\/span><\/h3>\n

Fifty-five of the firms in this year\u2019s table saw their pre-tax profit grow, and 46 were able to broaden their margin. \u201cA focus on margin is important in times of uncertainty, particularly if that uncertainty is related to prices and inflation,\u201d says Larkin. \u201cIn a notoriously low-margin industry like construction, firms need to be confident that another round of price increases \u2013 whether it be from suppliers, fuel and energy, or wage demands \u2013 isn\u2019t going to swing a project into a loss.\u201d<\/p>\n

Asked whether companies have been dipping into their cash reserves or trying to access loan finance, she adds: \u201cIt\u2019s probably a mix of the two. And certainly in recent months with interest rates rising, they\u2019re probably swaying towards the former.\u201d <\/span><\/p>\n

Still, 55 firms in this year\u2019s CN100 saw their net cash position improve, with the best performance from Laing O\u2019Rourke with a \u00a386.2m increase.<\/span><\/p>\n

Among the top 10 contractors, Morgan Sindall, Kier, Laing O\u2019Rourke and Amey reduced their borrowings significantly. Kelly says: \u201cFrom looking at the accounts of some of the companies listed here, a number appear to have paid down debt \u2013 potentially because they\u2019re taking advantage of growing turnover and the construction sector\u2019s longer payment times to maximise working capital.\u201d<\/span><\/p>\n

Some firms, including Seddon, are debt free. \u201cWe\u2019ve maintained this position despite a challenging year,\u201d says Jonathan Seddon. \u201cWe still have unused banking facilities available to us. It is because of this practical approach that we\u2019ve been able to absorb the small shock of 2022, enabling us to take it in our stride.\u201d This isn\u2019t a universal trend in the CN100, though. Balfour Beatty, Skanska, M Group and Mace are among the 17 contractors that have borrowed more.<\/p>\n

Loans may be unattractive with the current high interest rates, but eroding cash reserves can only be a temporary expedient \u2013 especially if, as the CPA predicted in July, construction will fall into recession this year with output falling 7 per cent. \u201cThat\u2019s probably why we\u2019re going to see a switch in focus from profit margin to revenue generation,\u201d says Larkin. <\/span>However, others disagree. While some firms might focus on revenue, \u201cthe shrewdest operators will still have their attention fixed on profit and cash\u201d, Kelly argues. \u201cBecause margins are so slim in the construction sector, there\u2019s little room for manoeuvre and any increased cash buffer can help ride through any future troughs.\u201d<\/p>\n

Allen agrees. \u201cThere\u2019s simply no point taking on work where that doesn\u2019t translate into profits and cash,\u201d he says. \u201cWhen applied in a balanced way, the adage that \u2018turnover is vanity, profit is sanity, and cash is reality\u2019 remains a great guiding principle.\u201d<\/span><\/p>\n

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Out of the red<\/span><\/h3>\n

One notable feature of this year\u2019s CN100 is that 14 companies returned to profitability (including Equans, which had not filed its latest accounts by the CN100 deadline), and fewer are in the red than last year (14 compared with 19).<\/p>\n

Companies involved in major infrastructure projects such as roadbuilding and HS2 are prominent among the comebacks, with impressive gains reported by Amey, Costain, Northstone and VolkerWessels.<\/p>\n

Costain was the largest recipient of National Highways spending in each of the past two financial years, receiving \u00a3522.4m in 2022\/23. But this income stream looks set to dry up. In April, the government-owned roads body scrapped plans to extend the rollout of smart motorways, which were a large part of its expenditure. And the following month, National Highways revealed it would focus on smaller road schemes worth less than \u00a325m.<\/span><\/p>\n

Larkin says: \u201cYou\u2019re not just delaying it and picking it up two years later; those major road schemes are actually going to be pushing up the cost two years later as well [because of inflation]. So there is a lot of uncertainty that government is creating.\u201d<\/p>\n

Amey, Costain and VolkerWessels are all involved in the HS2 project, but here too there is uncertainty, given the debate over the scope of the ambitious and expensive high-speed rail programme.<\/span><\/p>\n

Some companies involved in the office, industrial, logistics and warehousing sectors \u2013 such as McLaren and Readie \u2013 also turned a loss into a profit. Analysis from Glenigan notes that the value of logistics-project starts has grown rapidly over the past two years to reach \u00a32.5bn last year \u2013 twice the level in 2017 \u2013 driven primarily by growth in logistics and light industrial projects.<\/p>\n

Readie moved up 20 places to 55th in this year\u2019s CN100 table, but two other warehouse specialists soared even higher: GMI shot up 47 places to 52nd and Glencar rose 36 places to reach the 46th position. The latter was also among the 50 firms to improve their net cash position, and one of seven to more than double it.<\/p>\n

However, rapid growth brings the inherent danger of flying too close to the sun. \u201cGenerally speaking, fast-growth companies follow one of two paths in their hypergrowth periods,\u201d Davies says. \u201cThey either win the work and then go and buy in the resources they need to service it, or they do things the other way around. Neither is without risk, as insufficient resources create significant execution risk, while carrying underdeployed human capital impacts profitability.\u201d<\/p>\n

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Strength through diversification<\/span><\/h3>\n

Lower-tier contractors and subcontractors are often left to absorb any larger-than-expected rises in costs. \u201cWe\u2019ve seen that in construction,\u201d says Larkin. \u201cIssues tend to be passed on to those lower in the supply chain, so it\u2019s likely that less-flexible terms are offered in contracts with subcontractors [than with main contractors].\u201d<\/p>\n

However, she says a number of specialists have nimbly avoided issues via a range of strategies. \u201cThe difficulties of the pandemic years are likely to have forced firms to be more cautious in protecting their cashflow position,\u201d she says. \u201cThey are likely to be leaner in terms of overbearing costs and be more selective for projects. It wouldn\u2019t be a surprise if the contractors experiencing the strongest improvements were those that had diversified across construction sectors.\u201d<\/p>\n

One firm bearing out this theory is Keltbray, which turned a net debt position of \u00a39.91m into positive net cash of \u00a311.07m in this year\u2019s CN100. \u201cThis [past] financial year has definitely been a lot easier than the ones that went before it,\u201d says group chief executive Darren James.<\/p>\n

A conscious move to expand its focus beyond demolition helped the firm boost revenue by almost \u00a3140m and turn a \u00a34.22m loss into a \u00a33.24m profit. \u201cWe deliberately sought to diversify,\u201d James tells CN<\/i>. \u201cTherefore, we\u2019ve seen a significant increase in the turnover coming from the likes of renewable energy and some of the infrastructure sectors.\u201d<\/span><\/p>\n

Demolition remains an important part of the Keltbray portfolio but only accounted for about 25 per cent (or \u00a3130m) of its annual turnover for the year ending 31 October 2022. In contrast, demolition specialist Erith (ranked 75th) slipped into the red despite an increase in revenue.<\/p>\n

Seddon (ranked one place above Erith) was faced with the challenge of inflation in 2022. Its latest annual results were filed with Companies House after the cut-off date for data collection, but the chief executive says his firm\u2019s own diversification strategy \u2013 away from design-and-build and into maintenance, painting, retrofit, decarbonisation and mechanical and electrical services \u2013 helped to soften the financial blow last year.<\/p>\n

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Legacy issue<\/span><\/h3>\n

Analysts note that the worst effects of legacy fixed-price lump-sum contracts arranged in 2020 or 2021 are over, and contractors can now focus on agreeing new work at the current cost of materials and labour.<\/p>\n

Seddon notes that his firm coped with the negative inflation-linked effects of its longer-term, fixed-price contracts by absorbing all its foreseeable losses in 2022.<\/p>\n

\u201cI would say that anyone that started a job in January, February or March of this year has got a much better fighting chance than they would have had if they were starting in January, February or March 2022,\u201d says Davies.<\/p>\n

This shows how some of the factors that affected growth were simply a matter of timing and luck. \u201cWe know that a lot of the appraisals for development sites are no longer valid and, as a result, we are seeing many clients trying to gain additional funding,\u201d Seddon remarks. \u201cHad we known the increase of inflation that was on the horizon and the challenges this would bring to getting that work to site, it is likely we wouldn\u2019t have entered into many of those contracts.<\/p>\n

\u201cHad we not secured this work at the time that we did, our turnover would have suffered but we would have achieved a much better bottom line, due to not being locked in on a fixed price.\u201d<\/p>\n

Firms can try to negotiate with clients to build mechanisms into contracts that protect their margins if inflation rises again. Keltbray\u2019s James says his firm tends to work with lump sum contracts containing \u201cvery structured relief clauses\u201d. Morrisroe also notes in its annual report that it has reacted to \u201cconsiderable price volatility\u201d by negotiating \u201cfluctuation clauses in our contracts and\/or seeking appropriate risk-sharing arrangements with clients\u201d.<\/p>\n

Reading the runes<\/span><\/h3>\n

Office for National Statistics (ONS) figures show construction output grew for the first time in four months in June, with a 1.6 per cent increase. Statistics issued in August also reveal that quarterly construction output increased 0.3 per cent in Q2 2023 compared with the previous quarter.<\/span><\/p>\n

\u201cWhile there are still challenges ahead for 2023, as we continue to experience supply-chain failure and unknowns when it comes to inflation, we are still confident this year will show a profit,\u201d says Seddon. \u201cWe have moved away from large-scale (\u00a35m-\u00a310m) design-and-build capex projects. Our pipeline is strong and we\u2019re looking forward to 2024.\u201d<\/span><\/p>\n

A mood of cautious optimism is fuelled by the slowing pace of inflation, which has subsided from its 11.1 per cent peak last October to 7.9 per cent in June 2023.<\/p>\n

\u201cWe\u2019re looking pretty positive after the succession of \u2018black-swan\u2019 events in recent years,\u201d says Keltbray\u2019s James. \u201cWe\u2019ve concentrated on diversifying our strategy. We\u2019ve concentrated on increased governance around what we do. We\u2019ve concentrated on building our team. Yes, there are still plenty of headwinds out there. But we\u2019ve got far more tailwinds behind us.\u201d<\/p>\n

Allen is similarly optimistic about Mace\u2019s pipeline of work and believes the firm will hit its target of achieving global revenue of \u00a33bn by 2026.<\/p>\n

\u201cHowever, we recognise that this isn\u2019t the case for the entire industry,\u201d he adds. \u201cThere are still challenges around investor and developer confidence. In the housebuilding market, for instance, some businesses will be looking forward with unease.\u201d Allen also describes \u201creal concerns about the predictability and scope of our national pipeline of work, and a problematic lack of certainty around changes to the planning and building safety regimes\u201d.<\/p>\n

The CPA predicts a recession in construction this year. Larkin says: \u201cI think there\u2019s starting to be orange and even red flashing signals. When we look at insolvencies, for example, I think that\u2019s a really good indicator of how firms are starting to feel a hit. And that\u2019s before we\u2019ve even had the sharp decrease in demand and activity that we\u2019re forecasting.\u201d<\/p>\n

Allen calls for more clarity from the government on its future spending plans, to help contractors plan ahead \u2013 but this may be wishful thinking, especially as a likely general election in 2024 will bring a degree of political uncertainty.<\/p>\n

Davies warns that the tough times have not gone away. \u201cAs the work starts to dry up, and firms don\u2019t win so much work going forward, inevitably there will then be a little bit of pencil-sharpening going on,\u201d he says. \u201cNobody wants to be the first to break cover officially, but it will happen. I don\u2019t see a huge recovery in the economy, looking at indicators like national debt ratios and inflation. There are enough problems in the [construction] industry to make the challenges of today remain the challenges of the next 18 months.\u201d<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
CN100 2023 TURNOVER<\/strong><\/td>\n\u00a0<\/strong><\/td>\n<\/tr>\n
Current rank<\/td>\nPrevious rank<\/td>\nContractor<\/td>\nTurnover
\n(\u00a3m)
\nlatest<\/td>\n		Turnover
\n(\u00a3m)
\nprevious<\/td>\n		Accounting period
\nend date<\/td>\n<\/tr>\n
1<\/td>\n1<\/td>\nBalfour Beatty<\/td>\n7,629.00<\/td>\n7,185.00<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
2<\/td>\n3<\/td>\nMorgan Sindall<\/td>\n3,612.20<\/td>\n3,212.80<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
3<\/td>\n2<\/td>\nKier<\/td>\n3,143.90<\/td>\n3,261.00<\/td>\n30\/06\/2022<\/td>\n<\/tr>\n
4<\/td>\n4<\/td>\nLaing ORourke<\/td>\n2,895.90<\/td>\n2,510.70<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
5<\/td>\n6<\/td>\nAmey<\/td>\n2,471.46<\/td>\n2,333.31<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
6<\/td>\n5<\/td>\nISG<\/td>\n2,185.10<\/td>\n2,263.70<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
7<\/td>\n7<\/td>\nRoyal Bam<\/td>\n1,991.87<\/td>\n1,637.02<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
8<\/td>\n8<\/td>\nMace<\/td>\n1,936.49<\/td>\n1,933.02<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
9<\/td>\n9<\/td>\nM Group<\/td>\n1,864.60<\/td>\n1,545.30<\/td>\n31\/03\/2023<\/td>\n<\/tr>\n
10<\/td>\n10<\/td>\nWates<\/td>\n1,786.90<\/td>\n1,522.25<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
11<\/td>\n11<\/td>\nMurphy Group<\/td>\n1,490.78<\/td>\n1,269.95<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
12<\/td>\n15<\/td>\nCostain<\/td>\n1,421.40<\/td>\n1,135.20<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
13<\/td>\n17<\/td>\nSkanska UK<\/td>\n1,400.22<\/td>\n1,122.70<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
14<\/td>\n15<\/td>\nVolkerWessels UK<\/td>\n1,348.77<\/td>\n1,151.85<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
15<\/td>\n16<\/td>\nGalliford Try<\/td>\n1,237.20<\/td>\n1,124.80<\/td>\n30\/06\/2022<\/td>\n<\/tr>\n
16<\/td>\n26<\/td>\nWinvic<\/td>\n1,217.42<\/td>\n1,029.25<\/td>\n31\/01\/2023<\/td>\n<\/tr>\n
17<\/td>\n19<\/td>\nSir Robert McAlpine<\/td>\n1,184.73<\/td>\n1,022.34<\/td>\n31\/10\/2022<\/td>\n<\/tr>\n
18<\/td>\n14<\/td>\nVinci<\/td>\n1,173.84<\/td>\n858.48<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
19<\/td>\n18<\/td>\nWillmott Dixon<\/td>\n1,147.25<\/td>\n1,101.47<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
20<\/td>\n12<\/td>\nBowmer + Kirkland<\/td>\n1,146.46<\/td>\n1,178.12<\/td>\n31\/08\/2022<\/td>\n<\/tr>\n
21<\/td>\n20<\/td>\nGraham<\/td>\n1,093.70<\/td>\n948.32<\/td>\n31\/03\/2023<\/td>\n<\/tr>\n
22<\/td>\n21<\/td>\nBouygues UK<\/td>\n956.36<\/td>\n903.71<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
23<\/td>\n22<\/td>\nEquans Regeneration<\/td>\n869.85<\/td>\n622.62<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
24<\/td>\n24<\/td>\nRenew<\/td>\n816.28<\/td>\n775.64<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
25<\/td>\n36<\/td>\nMcLaughlin & Harvey<\/td>\n799.59<\/td>\n480.35<\/td>\n30\/06\/2022<\/td>\n<\/tr>\n
26<\/td>\n27<\/td>\nJRL Group<\/td>\n761.29<\/td>\n609.98<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
27<\/td>\n34<\/td>\nMcLaren<\/td>\n751.65<\/td>\n541.04<\/td>\n31\/07\/2022<\/td>\n<\/tr>\n
28<\/td>\n25<\/td>\nHill Holdings<\/td>\n636.46<\/td>\n680.84<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
29<\/td>\n28<\/td>\nEurovia Group<\/td>\n632.01<\/td>\n592.02<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
30<\/td>\n29<\/td>\nRobertson<\/td>\n615.58<\/td>\n588.31<\/td>\n30\/06\/2022<\/td>\n<\/tr>\n
31<\/td>\n33<\/td>\nColas<\/td>\n568.83<\/td>\n544.09<\/td>\n30\/12\/2021<\/td>\n<\/tr>\n
32<\/td>\n23<\/td>\nMultiplex<\/td>\n561.93<\/td>\n793.02<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
33<\/td>\n32<\/td>\nDalkia<\/td>\n561.92<\/td>\n443.06<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
34<\/td>\n38<\/td>\nLendlease<\/td>\n553.52<\/td>\n571.38<\/td>\n30\/06\/2022<\/td>\n<\/tr>\n
35<\/td>\n31<\/td>\nTSL<\/td>\n552.21<\/td>\n565.16<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
36<\/td>\n44<\/td>\nKeltbray<\/td>\n527.8<\/td>\n389.52<\/td>\n31\/10\/2022<\/td>\n<\/tr>\n
37<\/td>\n35<\/td>\nNG Bailey<\/td>\n499.5<\/td>\n507<\/td>\n25\/02\/2022<\/td>\n<\/tr>\n
38<\/td>\n37<\/td>\nFerrovial Agroman UK<\/td>\n493.2<\/td>\n456.3<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
39<\/td>\n47<\/td>\nSeverfield<\/td>\n491.8<\/td>\n403.56<\/td>\n31\/03\/2023<\/td>\n<\/tr>\n
40<\/td>\n45<\/td>\nCaddick Group<\/td>\n491.58<\/td>\n383.67<\/td>\n31\/08\/2022<\/td>\n<\/tr>\n
41<\/td>\n50<\/td>\nFM Conway<\/td>\n478.1<\/td>\n338.18<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
42<\/td>\n48<\/td>\nNorthstone (NI)<\/td>\n472.02<\/td>\n362.51<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
43<\/td>\n46<\/td>\nTilbury Douglas<\/td>\n446.87<\/td>\n372.32<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
44<\/td>\n40<\/td>\nArdmore<\/td>\n435.1<\/td>\n404.84<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
45<\/td>\n52<\/td>\nTClarke<\/td>\n426<\/td>\n327.1<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
46<\/td>\n83<\/td>\nGlencar<\/td>\n417.75<\/td>\n160.4<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
47<\/td>\n53<\/td>\nMV Kelly<\/td>\n407.47<\/td>\n321.63<\/td>\n31\/05\/2022<\/td>\n<\/tr>\n
48<\/td>\n39<\/td>\nWatkin Jones<\/td>\n407.08<\/td>\n430.21<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
49<\/td>\nNEW<\/td>\nM&J Evans Construction<\/td>\n405.78<\/td>\n250.64<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
50<\/td>\n42<\/td>\nMcAleer & Rushe<\/td>\n404.35<\/td>\n400.53<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
51<\/td>\n49<\/td>\nCarey Group<\/td>\n366.37<\/td>\n344.93<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
52<\/td>\n100<\/td>\nGMI<\/td>\n360.25<\/td>\n120.74<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
53<\/td>\n43<\/td>\nJohn Sisk & Son<\/td>\n350.7<\/td>\n382.89<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
54<\/td>\n55<\/td>\nOHOB<\/td>\n348.27<\/td>\n292.92<\/td>\n31\/03\/2023<\/td>\n<\/tr>\n
55<\/td>\n75<\/td>\nReadie<\/td>\n345.01<\/td>\n178.75<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
56<\/td>\n51<\/td>\nOsborne<\/td>\n337.17<\/td>\n559.97<\/td>\n30\/09\/2021<\/td>\n<\/tr>\n
57<\/td>\n64<\/td>\nHG Construction<\/td>\n335.67<\/td>\n242.98<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
58<\/td>\n56<\/td>\nClancy<\/td>\n292.99<\/td>\n255.22<\/td>\n03\/04\/2022<\/td>\n<\/tr>\n
59<\/td>\n61<\/td>\nAlun Griffiths<\/td>\n279.87<\/td>\n225.77<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
60<\/td>\n54<\/td>\nEnerveo<\/td>\n278.9<\/td>\n246.7<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
61<\/td>\n60<\/td>\nUnited Living Group<\/td>\n265.47<\/td>\n225.84<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
62<\/td>\nNEW<\/td>\nKajima Europe<\/td>\n263.78<\/td>\n205.55<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
63<\/td>\n59<\/td>\nJN Bentley<\/td>\n263.47<\/td>\n227.93<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
64<\/td>\n57<\/td>\nRG Carter<\/td>\n262.38<\/td>\n235.17<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
65<\/td>\n62<\/td>\nEsh<\/td>\n254.9<\/td>\n222.59<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
66<\/td>\n70<\/td>\nWilliam Hare<\/td>\n239.51<\/td>\n191.68<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
67<\/td>\n72<\/td>\nCruden Holdings<\/td>\n230.96<\/td>\n186.67<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
68<\/td>\n58<\/td>\nBriggs & Forrester<\/td>\n229.25<\/td>\n234.15<\/td>\n31\/10\/2022<\/td>\n<\/tr>\n
69<\/td>\nNEW<\/td>\nCCG (Scotland)<\/td>\n225.67<\/td>\n167.91<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
70<\/td>\n68<\/td>\nAltrad<\/td>\n219.48<\/td>\n193.2<\/td>\n31\/08\/2022<\/td>\n<\/tr>\n
71<\/td>\n76<\/td>\nGilbert Ash<\/td>\n219.29<\/td>\n176.16<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
72<\/td>\n69<\/td>\nRJ McLeod<\/td>\n210.27<\/td>\n192.29<\/td>\n31\/10\/2022<\/td>\n<\/tr>\n
73<\/td>\n88<\/td>\nHiggins Group<\/td>\n210.26<\/td>\n151.12<\/td>\n31\/07\/2022<\/td>\n<\/tr>\n
74<\/td>\n66<\/td>\nSeddon<\/td>\n209.72<\/td>\n199.97<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
75<\/td>\n78<\/td>\nErith<\/td>\n208.29<\/td>\n175.69<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
76<\/td>\n65<\/td>\nMorrisroe Group<\/td>\n203.86<\/td>\n201.63<\/td>\n31\/10\/2021<\/td>\n<\/tr>\n
77<\/td>\n71<\/td>\nMichael J Lonsdale<\/td>\n203.54<\/td>\n188.2<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
78<\/td>\n77<\/td>\nMulalley & Company<\/td>\n193.3<\/td>\n175.87<\/td>\n31\/03\/2023<\/td>\n<\/tr>\n
79<\/td>\n73<\/td>\nForth Holdings<\/td>\n192.41<\/td>\n181.79<\/td>\n31\/08\/2022<\/td>\n<\/tr>\n
80<\/td>\n79<\/td>\nLindum<\/td>\n185.13<\/td>\n169.49<\/td>\n30\/11\/2022<\/td>\n<\/tr>\n
81<\/td>\n80<\/td>\nTide Construction<\/td>\n177.53<\/td>\n166.93<\/td>\n31\/08\/2022<\/td>\n<\/tr>\n
82<\/td>\n85<\/td>\nStory<\/td>\n177.36<\/td>\n155.69<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
83<\/td>\n95<\/td>\nRenaker Build<\/td>\n176.68<\/td>\n130.34<\/td>\n31\/10\/2022<\/td>\n<\/tr>\n
84<\/td>\n84<\/td>\nMount Anvil<\/td>\n170.85<\/td>\n135.01<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
85<\/td>\n92<\/td>\nDodd Group<\/td>\n167.48<\/td>\n142.08<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
86<\/td>\n81<\/td>\nCJ O\u2019Shea<\/td>\n167.3<\/td>\n165.06<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
87<\/td>\n74<\/td>\nSDC<\/td>\n167.12<\/td>\n179.12<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
88<\/td>\n90<\/td>\nEW Beard<\/td>\n165.52<\/td>\n144.65<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
89<\/td>\nNEW<\/td>\nBenniman<\/td>\n164.67<\/td>\n85.67<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
90<\/td>\n63<\/td>\nEric Wright Group<\/td>\n163.85<\/td>\n204.61<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
91<\/td>\n94<\/td>\nOne Group Construction<\/td>\n160.44<\/td>\n135.83<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
92<\/td>\n86<\/td>\nRGCM<\/td>\n156.67<\/td>\n155.08<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
93<\/td>\nNEW<\/td>\nA&H Construction<\/td>\n152.74<\/td>\n142.7<\/td>\n30\/04\/2022<\/td>\n<\/tr>\n
94<\/td>\n93<\/td>\nByrne Group<\/td>\n152.6<\/td>\n122.05<\/td>\n30\/06\/2022<\/td>\n<\/tr>\n
95<\/td>\n87<\/td>\nGratte Brothers<\/td>\n152.12<\/td>\n181.09<\/td>\n31\/03\/2021<\/td>\n<\/tr>\n
96<\/td>\n89<\/td>\nSpie<\/td>\n150.64<\/td>\n148.44<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
97<\/td>\nNEW<\/td>\nStanmore<\/td>\n149.47<\/td>\n106.44<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
98<\/td>\nNEW<\/td>\nLorne Stewart<\/td>\n149.31<\/td>\n117.74<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
99<\/td>\n98<\/td>\nNovus<\/td>\n145.2<\/td>\n123.59<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
100<\/td>\n99<\/td>\nPermasteelisa<\/td>\n137.56<\/td>\n122.67<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
CN100: PROFITS AND MARGINS<\/strong><\/td>\n<\/tr>\n
CN100 2023 rank (by turnover)<\/td>\nContractor<\/td>\nPre-tax
\nprofit (\u00a3m)
\nlatest<\/td>\n		Pre-tax
\nprofit (\u00a3m)
\npreviou<\/td>\n		Profit change
\n(%)<\/td>\n		Pre-tax
\nmargin (%)
\nlatest<\/td>\n		Pre-tax
\nmargin (%)
\nprevious<\/td>\n		Accounting period
\nend date<\/td>\n<\/tr>\n
1<\/td>\nBalfour Beatty<\/td>\n287<\/td>\n87<\/td>\n229.9<\/td>\n3.76<\/td>\n1.21<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
2<\/td>\nMorgan Sindall<\/td>\n85.3<\/td>\n126.2<\/td>\n-32.4<\/td>\n2.36<\/td>\n3.93<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
3<\/td>\nKier<\/td>\n15.9<\/td>\n5.6<\/td>\n183.9<\/td>\n0.51<\/td>\n0.17<\/td>\n30\/06\/2022<\/td>\n<\/tr>\n
4<\/td>\nLaing ORourke<\/td>\n2.7<\/td>\n41.4<\/td>\n-93.5<\/td>\n0.09<\/td>\n1.65<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
5<\/td>\nAmey<\/td>\n81.95<\/td>\n-10.59<\/td>\n873.8<\/td>\n3.32<\/td>\n-0.45<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
6<\/td>\nISG<\/td>\n11.5<\/td>\n18.5<\/td>\n-37.8<\/td>\n0.53<\/td>\n0.82<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
7<\/td>\nRoyal Bam<\/td>\n46.59<\/td>\n25.32<\/td>\n84<\/td>\n2.34<\/td>\n1.55<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
8<\/td>\nMace<\/td>\n36.46<\/td>\n38.27<\/td>\n-4.7<\/td>\n1.88<\/td>\n1.98<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
9<\/td>\nM Group<\/td>\n-79.3<\/td>\n-30.4<\/td>\n-160.9<\/td>\n-4.25<\/td>\n-1.97<\/td>\n31\/03\/2023<\/td>\n<\/tr>\n
10<\/td>\nWates<\/td>\n31.53<\/td>\n31.15<\/td>\n1.2<\/td>\n1.76<\/td>\n2.05<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
11<\/td>\nMurphy Group<\/td>\n44.58<\/td>\n61.66<\/td>\n-27.7<\/td>\n2.99<\/td>\n4.86<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
12<\/td>\nCostain<\/td>\n32.8<\/td>\n-13.3<\/td>\n346.6<\/td>\n2.31<\/td>\n-1.17<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
13<\/td>\nSkanska UK<\/td>\n55<\/td>\n34.75<\/td>\n58.3<\/td>\n3.93<\/td>\n3.1<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
14<\/td>\nVolkerWessels UK<\/td>\n37.72<\/td>\n27.1<\/td>\n39.2<\/td>\n2.8<\/td>\n2.35<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
15<\/td>\nGalliford Try<\/td>\n5.4<\/td>\n11.4<\/td>\n-52.6<\/td>\n0.44<\/td>\n1.01<\/td>\n30\/06\/2022<\/td>\n<\/tr>\n
16<\/td>\nWinvic<\/td>\n10.5<\/td>\n15.6<\/td>\n-32.7<\/td>\n0.86<\/td>\n1.52<\/td>\n31\/01\/2023<\/td>\n<\/tr>\n
17<\/td>\nSir Robert McAlpine<\/td>\n4.76<\/td>\n9.17<\/td>\n-48.1<\/td>\n0.4<\/td>\n0.9<\/td>\n31\/10\/2022<\/td>\n<\/tr>\n
18<\/td>\nVinci<\/td>\n26.06<\/td>\n16.18<\/td>\n61.1<\/td>\n2.22<\/td>\n1.88<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
19<\/td>\nWillmott Dixon<\/td>\n-8.74<\/td>\n11.21<\/td>\n-178<\/td>\n-0.76<\/td>\n1.02<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
20<\/td>\nBowmer + Kirkland<\/td>\n63.13<\/td>\n65.33<\/td>\n-3.4<\/td>\n5.51<\/td>\n5.55<\/td>\n31\/08\/2022<\/td>\n<\/tr>\n
21<\/td>\nGraham<\/td>\n15.11<\/td>\n19.03<\/td>\n-20.6<\/td>\n1.38<\/td>\n2.01<\/td>\n31\/03\/2023<\/td>\n<\/tr>\n
22<\/td>\nBouygues UK<\/td>\n-39.13<\/td>\n-38.06<\/td>\n2.8<\/td>\n-4.09<\/td>\n-4.21<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
23<\/td>\nEquans Regeneration<\/td>\n62.61<\/td>\n-78.79<\/td>\n179.5<\/td>\n7.2<\/td>\n-12.65<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
24<\/td>\nRenew<\/td>\n49.46<\/td>\n40.75<\/td>\n21.4<\/td>\n6.06<\/td>\n5.25<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
25<\/td>\nMcLaughlin & Harvey<\/td>\n3.17<\/td>\n5.88<\/td>\n-46.1<\/td>\n0.4<\/td>\n1.22<\/td>\n30\/06\/2022<\/td>\n<\/tr>\n
26<\/td>\nJRL Group<\/td>\n13.29<\/td>\n26.81<\/td>\n-50.4<\/td>\n1.75<\/td>\n4.4<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
27<\/td>\nMcLaren<\/td>\n2.04<\/td>\n-12.44<\/td>\n116.4<\/td>\n0.27<\/td>\n-2.3<\/td>\n31\/07\/2022<\/td>\n<\/tr>\n
28<\/td>\nHill Holdings<\/td>\n65.63<\/td>\n65.07<\/td>\n0.9<\/td>\n10.31<\/td>\n9.56<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
29<\/td>\nEurovia Group<\/td>\n26.88<\/td>\n21.26<\/td>\n26.4<\/td>\n4.25<\/td>\n3.59<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
30<\/td>\nRobertson<\/td>\n20.51<\/td>\n16.88<\/td>\n21.5<\/td>\n3.33<\/td>\n2.87<\/td>\n30\/06\/2022<\/td>\n<\/tr>\n
31<\/td>\nColas<\/td>\n30.24<\/td>\n12.79<\/td>\n136.4<\/td>\n5.32<\/td>\n2.35<\/td>\n30\/12\/2021<\/td>\n<\/tr>\n
32<\/td>\nMultiplex<\/td>\n11.07<\/td>\n2.64<\/td>\n319.3<\/td>\n1.97<\/td>\n0.33<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
33<\/td>\nDalkia<\/td>\n3.29<\/td>\n-27.24<\/td>\n112.1<\/td>\n0.59<\/td>\n-6.15<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
34<\/td>\nLendlease<\/td>\n18.86<\/td>\n-37.39<\/td>\n150.4<\/td>\n3.41<\/td>\n-6.54<\/td>\n30\/06\/2022<\/td>\n<\/tr>\n
35<\/td>\nTSL<\/td>\n9.72<\/td>\n11.65<\/td>\n-16.6<\/td>\n1.8<\/td>\n2.06<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
36<\/td>\nKeltbray<\/td>\n3.24<\/td>\n-4.22<\/td>\n176.8<\/td>\n0.61<\/td>\n-1.08<\/td>\n31\/10\/2022<\/td>\n<\/tr>\n
37<\/td>\nNG Bailey<\/td>\n3<\/td>\n-4.4<\/td>\n168.2<\/td>\n0.6<\/td>\n-0.87<\/td>\n25\/02\/2022<\/td>\n<\/tr>\n
38<\/td>\nFerrovial Agroman UK<\/td>\n-30.4<\/td>\n5.38<\/td>\n-664.7<\/td>\n-6.2<\/td>\n1.18<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
39<\/td>\nSeverfield<\/td>\n27.1<\/td>\n21<\/td>\n29<\/td>\n5.51<\/td>\n5.2<\/td>\n31\/03\/2023<\/td>\n<\/tr>\n
40<\/td>\nCaddick Group<\/td>\n57.99<\/td>\n17.11<\/td>\n238.9<\/td>\n11.8<\/td>\n4.46<\/td>\n31\/08\/2022<\/td>\n<\/tr>\n
41<\/td>\nFM Conway<\/td>\n17.18<\/td>\n19.85<\/td>\n-13.5<\/td>\n3.59<\/td>\n5.87<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
42<\/td>\nNorthstone (NI)<\/td>\n7.12<\/td>\n-6.87<\/td>\n203.6<\/td>\n1.51<\/td>\n-1.9<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
43<\/td>\nTilbury Douglas<\/td>\n8.26<\/td>\n15.35<\/td>\n-46.2<\/td>\n1.85<\/td>\n4.12<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
44<\/td>\nArdmore<\/td>\n6.55<\/td>\n15.32<\/td>\n-57.2<\/td>\n1.51<\/td>\n3.78<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
45<\/td>\nTClarke<\/td>\n10.3<\/td>\n7.8<\/td>\n32.1<\/td>\n2.42<\/td>\n2.38<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
46<\/td>\nGlencar<\/td>\n0.8<\/td>\n2.29<\/td>\n-65.2<\/td>\n0.19<\/td>\n1.43<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
47<\/td>\nMV Kelly<\/td>\n31.24<\/td>\n29.38<\/td>\n6.3<\/td>\n7.67<\/td>\n9.13<\/td>\n31\/05\/2022<\/td>\n<\/tr>\n
48<\/td>\nWatkin Jones<\/td>\n18.4<\/td>\n51.12<\/td>\n-64<\/td>\n4.52<\/td>\n11.88<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
49<\/td>\nM&J Evans Construction<\/td>\n23.4<\/td>\n17.6<\/td>\n33<\/td>\n5.77<\/td>\n7.02<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
50<\/td>\nMcAleer & Rushe<\/td>\n12.09<\/td>\n15.02<\/td>\n-19.5<\/td>\n2.99<\/td>\n3.75<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
51<\/td>\nCarey Group<\/td>\n42.75<\/td>\n16.06<\/td>\n166.2<\/td>\n11.67<\/td>\n4.66<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
52<\/td>\nGMI<\/td>\n-2.25<\/td>\n1.93<\/td>\n-216.6<\/td>\n-0.62<\/td>\n1.6<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
53<\/td>\nJohn Sisk & Son<\/td>\n-2.56<\/td>\n8.43<\/td>\n-130.4<\/td>\n-0.73<\/td>\n2.2<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
54<\/td>\nOHOB<\/td>\n20.34<\/td>\n21.57<\/td>\n-5.7<\/td>\n5.84<\/td>\n7.36<\/td>\n31\/03\/2023<\/td>\n<\/tr>\n
55<\/td>\nReadie<\/td>\n1.92<\/td>\n-0.51<\/td>\n476.5<\/td>\n0.56<\/td>\n-0.29<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
56<\/td>\nOsborne<\/td>\n0.68<\/td>\n-14.97<\/td>\n104.5<\/td>\n0.2<\/td>\n-2.67<\/td>\n30\/09\/2021<\/td>\n<\/tr>\n
57<\/td>\nHG Construction<\/td>\n15.29<\/td>\n23.92<\/td>\n-36.1<\/td>\n4.56<\/td>\n9.84<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
58<\/td>\nClancy<\/td>\n10.63<\/td>\n11.07<\/td>\n-4<\/td>\n3.63<\/td>\n4.34<\/td>\n03\/04\/2022<\/td>\n<\/tr>\n
59<\/td>\nAlun Griffiths<\/td>\n-38.07<\/td>\n-11.63<\/td>\n-227.3<\/td>\n-13.6<\/td>\n-5.15<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
60<\/td>\nEnerveo<\/td>\n-26.8<\/td>\n-22.6<\/td>\n-18.6<\/td>\n-9.61<\/td>\n-9.16<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
61<\/td>\nUnited Living Group<\/td>\n-11.54<\/td>\n-4.68<\/td>\n-146.6<\/td>\n-4.35<\/td>\n-2.07<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
62<\/td>\nKajima Europe<\/td>\n68.32<\/td>\n26.49<\/td>\n157.9<\/td>\n25.9<\/td>\n12.89<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
63<\/td>\nJN Bentley<\/td>\n6.39<\/td>\n0.84<\/td>\n660.7<\/td>\n2.43<\/td>\n0.37<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
64<\/td>\nRG Carter<\/td>\n13.37<\/td>\n0.72<\/td>\n1,756.90<\/td>\n5.1<\/td>\n0.31<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
65<\/td>\nEsh<\/td>\n0.53<\/td>\n-10.09<\/td>\n105.3<\/td>\n0.21<\/td>\n-4.53<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
66<\/td>\nWilliam Hare<\/td>\n-2.22<\/td>\n2.44<\/td>\n-191<\/td>\n-0.93<\/td>\n1.27<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
67<\/td>\nCruden Holdings<\/td>\n4.94<\/td>\n0.3<\/td>\n1,546.70<\/td>\n2.14<\/td>\n0.16<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
68<\/td>\nBriggs & Forrester<\/td>\n0.25<\/td>\n1.71<\/td>\n-85.4<\/td>\n0.11<\/td>\n0.73<\/td>\n31\/10\/2022<\/td>\n<\/tr>\n
69<\/td>\nCCG (Scotland)<\/td>\n18<\/td>\n15.73<\/td>\n14.4<\/td>\n7.98<\/td>\n9.37<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
70<\/td>\nAltrad<\/td>\n22.79<\/td>\n13.27<\/td>\n71.7<\/td>\n10.38<\/td>\n6.87<\/td>\n31\/08\/2022<\/td>\n<\/tr>\n
71<\/td>\nGilbert Ash<\/td>\n12.41<\/td>\n10.96<\/td>\n13.2<\/td>\n5.66<\/td>\n6.22<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
72<\/td>\nRJ McLeod<\/td>\n18.6<\/td>\n24.98<\/td>\n-25.5<\/td>\n8.85<\/td>\n12.99<\/td>\n31\/10\/2022<\/td>\n<\/tr>\n
73<\/td>\nHiggins Group<\/td>\n-5.44<\/td>\n0.23<\/td>\n-2,465.20<\/td>\n-2.59<\/td>\n0.15<\/td>\n31\/07\/2022<\/td>\n<\/tr>\n
74<\/td>\nSeddon<\/td>\n8.55<\/td>\n7.02<\/td>\n21.8<\/td>\n4.08<\/td>\n3.51<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
75<\/td>\nErith<\/td>\n-13.77<\/td>\n11.33<\/td>\n-221.5<\/td>\n-6.61<\/td>\n6.45<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
76<\/td>\nMorrisroe Group<\/td>\n-6.86<\/td>\n2.69<\/td>\n-355<\/td>\n-3.37<\/td>\n1.33<\/td>\n31\/10\/2021<\/td>\n<\/tr>\n
77<\/td>\nMichael J Lonsdale<\/td>\n1.97<\/td>\n2.12<\/td>\n-7.1<\/td>\n0.97<\/td>\n1.13<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
78<\/td>\nMulalley & Company<\/td>\n3.07<\/td>\n-3.3<\/td>\n193<\/td>\n1.59<\/td>\n-1.88<\/td>\n31\/03\/2023<\/td>\n<\/tr>\n
79<\/td>\nForth Holdings<\/td>\n13.5<\/td>\n11.5<\/td>\n17.4<\/td>\n7.02<\/td>\n6.33<\/td>\n31\/08\/2022<\/td>\n<\/tr>\n
80<\/td>\nLindum<\/td>\n7.84<\/td>\n8.6<\/td>\n-8.8<\/td>\n4.23<\/td>\n5.07<\/td>\n30\/11\/2022<\/td>\n<\/tr>\n
81<\/td>\nTide Construction<\/td>\n11.1<\/td>\n10.95<\/td>\n1.4<\/td>\n6.25<\/td>\n6.56<\/td>\n31\/08\/2022<\/td>\n<\/tr>\n
82<\/td>\nStory<\/td>\n8.97<\/td>\n11.3<\/td>\n-20.6<\/td>\n5.06<\/td>\n7.26<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
83<\/td>\nRenaker Build<\/td>\n5.95<\/td>\n4.81<\/td>\n23.7<\/td>\n3.37<\/td>\n3.69<\/td>\n31\/10\/2022<\/td>\n<\/tr>\n
84<\/td>\nMount Anvil<\/td>\n6.29<\/td>\n3.96<\/td>\n58.8<\/td>\n3.68<\/td>\n2.93<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
85<\/td>\nDodd Group<\/td>\n2.49<\/td>\n4.75<\/td>\n-47.6<\/td>\n1.49<\/td>\n3.34<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
86<\/td>\nCJ O\u2019Shea<\/td>\n24.93<\/td>\n15.58<\/td>\n60<\/td>\n14.9<\/td>\n9.44<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
87<\/td>\nSDC<\/td>\n1.77<\/td>\n2.14<\/td>\n-17.3<\/td>\n1.06<\/td>\n1.19<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
88<\/td>\nEW Beard<\/td>\n3.3<\/td>\n3.06<\/td>\n7.8<\/td>\n1.99<\/td>\n2.12<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
89<\/td>\nBenniman<\/td>\n8.36<\/td>\n3.52<\/td>\n137.5<\/td>\n5.08<\/td>\n4.11<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
90<\/td>\nEric Wright Group<\/td>\n13.2<\/td>\n7.97<\/td>\n65.6<\/td>\n8.06<\/td>\n3.9<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
91<\/td>\nOne Group Construction<\/td>\n6.99<\/td>\n2<\/td>\n249.5<\/td>\n4.36<\/td>\n1.47<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
92<\/td>\nRGCM<\/td>\n0.86<\/td>\n2.06<\/td>\n-58.3<\/td>\n0.55<\/td>\n1.33<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
93<\/td>\nA&H Construction<\/td>\n6.39<\/td>\n5.08<\/td>\n25.8<\/td>\n4.18<\/td>\n3.56<\/td>\n30\/04\/2022<\/td>\n<\/tr>\n
94<\/td>\nByrne Group<\/td>\n5.94<\/td>\n6.38<\/td>\n-6.9<\/td>\n3.89<\/td>\n5.23<\/td>\n30\/06\/2022<\/td>\n<\/tr>\n
95<\/td>\nGratte Brothers<\/td>\n1.77<\/td>\n1.61<\/td>\n9.9<\/td>\n1.16<\/td>\n0.89<\/td>\n31\/03\/2021<\/td>\n<\/tr>\n
96<\/td>\nSpie<\/td>\n2.04<\/td>\n2.53<\/td>\n89.5<\/td>\n1.35<\/td>\n1.7<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
97<\/td>\nStanmore<\/td>\n7.75<\/td>\n4.27<\/td>\n81.5<\/td>\n5.18<\/td>\n4.01<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
98<\/td>\nLorne Stewart<\/td>\n0.61<\/td>\n0.32<\/td>\n90.6<\/td>\n0.41<\/td>\n0.27<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
99<\/td>\nNovus<\/td>\n3.04<\/td>\n3.63<\/td>\n-16.3<\/td>\n2.09<\/td>\n2.94<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
100<\/td>\nPermasteelisa<\/td>\n0.99<\/td>\n-13.71<\/td>\n107.2<\/td>\n0.72<\/td>\n-11.18<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
TOP 20 NET CASH<\/strong><\/td>\n<\/tr>\n
Position<\/td>\nContractor<\/td>\nNet cash (\u00a3m)
\nlatest<\/td>\n		Net cash (\u00a3m)
\nprevious<\/td>\n		Accounting period
\nend date<\/td>\n<\/tr>\n
1<\/td>\nBalfour Beatty<\/td>\n573.00<\/td>\n547.00<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
2<\/td>\nBowmer + Kirkland<\/td>\n500.61<\/td>\n513.86<\/td>\n31\/08\/2022<\/td>\n<\/tr>\n
3<\/td>\nSkanska UK<\/td>\n355.57<\/td>\n503.05<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
4<\/td>\nMorgan Sindall<\/td>\n354.60<\/td>\n358.00<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
5<\/td>\nBouygues UK<\/td>\n307.84<\/td>\n334.56<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
6<\/td>\nVinci<\/td>\n286.10<\/td>\n238.14<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
7<\/td>\nRoyal Bam<\/td>\n231.15<\/td>\n223.82<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
8<\/td>\nLaing ORourke<\/td>\n226.30<\/td>\n140.10<\/td>\n31\/03\/2022<\/td>\n<\/tr>\n
9<\/td>\nGalliford Try<\/td>\n218.90<\/td>\n216.20<\/td>\n30\/06\/2022<\/td>\n<\/tr>\n
10<\/td>\nFerrovial Agroman UK<\/td>\n212.45<\/td>\n194.60<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
11<\/td>\nMurphy Group<\/td>\n204.48<\/td>\n216.55<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
12<\/td>\nGraham<\/td>\n173.91<\/td>\n123.52<\/td>\n31\/03\/2023<\/td>\n<\/tr>\n
13<\/td>\nWates<\/td>\n152.89<\/td>\n183.81<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
14<\/td>\nVolkerWessels UK<\/td>\n146.98<\/td>\n136.21<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
15<\/td>\nEurovia Group<\/td>\n128.67<\/td>\n131.82<\/td>\n31\/12\/2021<\/td>\n<\/tr>\n
16<\/td>\nCostain<\/td>\n123.80<\/td>\n120.00<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
17<\/td>\nWillmott Dixon<\/td>\n114.53<\/td>\n113.21<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
18<\/td>\nISG<\/td>\n104.70<\/td>\n119.90<\/td>\n31\/12\/2022<\/td>\n<\/tr>\n
19<\/td>\nArdmore<\/td>\n93.71<\/td>\n113.59<\/td>\n30\/09\/2022<\/td>\n<\/tr>\n
20<\/td>\nSir Robert McAlpine<\/td>\n87.78<\/td>\n114.57<\/td>\n31\/10\/2022<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Financial data for the CN100 was gathered via official accounts filed with Companies House and stock market announcements issued before 18 August 2023. Figures cover turnover excluding JVs. Cash = cash and equivalents i.e. current assets that can be turned into cash in 90 days or less. <\/em><\/sup>Amey: Amended accounts for 2021 filed in Feb 2023 | Royal Bam: Previous year\u2019s accounts | M Group: Morrison Utility Services and sister companies | Vinci: Previous year\u2019s accounts (company\u2019s accounts were transferred to Vinci Construction Holding Limited 31\/3\/23) | Equans Regeneration: Previous year\u2019s accounts | McLaughlin & Harvey: latest are 18-month accounts | Dalkia: Formerly Imtech | Severfield: Used preliminary audited results | Osborne: Previous year\u2019s accounts \u2013 new accounting period extended from 30\/09\/22 to 31\/03\/23 | Enerveo: Formerly SSE Contracting<\/em><\/sup><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite continued economic turmoil, the release of pent-up demand got the industry back on track, with combined turnover and profit both surpassing pre-Covid levels Remember 2019? At the time it seemed chaotic, with the UK construction sector \u2013 along with the rest of the business community \u2013 facing a lack of clarity over the economic …<\/p>\n","protected":false},"author":135716,"featured_media":486471,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false},"categories":[552,559],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n