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McAleer & Rushe set for record year after 2022 profit fall

Construction Enquirer

The bounce back follows a disappointing performance in 2022 that saw pre-tax profit fall 19% to £12m from revenue flat at £404m, according to newly-published accounts. Project delays also caused year-end net cash to slip back to £45m from £59m previously.

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Seven Traits of Profitable Specialty Contractors

Fieldwire

Anyone who has managed a construction company, department, or project knows profitability can be challenging. Intense competition, fluctuating market conditions and other factors often result in tight profit margins. Even with numerous challenges, specialty contracting can be profitable. Solid Management Processes.

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Accounting for Retention Receivable & Payable: A Contractor’s Guide

Levelset

In an attempt to hold contractors accountable, many projects use retention holdbacks, also known as retainage. These holdbacks need to be accounted for by every party to a project: owner, general contractor, and subcontractor. Retention can be withheld on residential or commercial projects and on both public and private projects.

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Supply chain owed £3.8m after collapse of London builder

Construction Enquirer

MEC specialised in small to medium projects within the M25 across heritage, residential, commercial, healthcare and schools sectors with revenue peaking at around £23m before covid. Management accounts to December 31 2021 showed a turnover of £17m generating a net profit of £177,000.

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Construction Company Technology Practices To Reduce Financial Management Cost

Contractor Bookkeeping

The truth is the most successful, wealthy, highly profitable construction contractors don't like change. Six keys helped us outperform other contractors in terms of cash flow and profit year after year regardless of the economic conditions: I was raised in a construction family.

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Henry Construction crashes into administration

Construction Enquirer

Insolvency experts from FRP Advisory took control of the London-based residential tower builder yesterday evening. Amid the recent confusion, at least two Henry site managers are said to have been assaulted in recent days by fuming subbies seeking payment. In latest accounts, the firm said it employed just 49 staff.

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Claritas Group heading for liquidation

Construction Enquirer

“The challenge of cash flowing and managing the losses associated with the inflationary pressures of these uncertain times was just too great. ” Claritas specialised in projects up to £70m across the residential, commercial and education markets. Latest accounts for Claritas Group for the year to March 31 2022 show a £50.4m