Willam Hare struggles to restore steelwork margins

Aaron Morby 3 months ago
Share

Privately-owned constructional steelwork contractor William Hare is still struggling to restore margins despite strong orders in the UK.

The Bury-based group revealed that the main UK structural business William Hare enjoyed a 10% sales rise to £158m last year.

But poor operating margin saw pre-tax profit edge up to just £1.2m in 2017 from £830,000 in the previous year.

The firm’s operating margin stood at around 1% despite a strong pipeline of major projects in London.

Across the wider group, which also takes in operations in the Middle East, India and Far East, sales slipped back slightly to £204m, generating a £3.2m pre-tax profit.

David Hodgkiss, William Hare Group’s CEO, said that demand in the UK remained encouraging and was expected to remain stable in the short to medium term.

Hare’s London projects include the 40-storey skyscraper at 100 Bishopsgate, 1 Bank Street for Canary Wharf and 100 Liverpool Street at Broadgate.

The separate Cellbeam business saw sales slide by nearly a third to £13m with pre-tax profit just above breakeven. William Hare Painting held steady at £4m.

Over the year the average number of staff fell from 680 to 504 at William Hare, while total UK headcount was up slightly at 704, and the international activities employed nearly 1,000 staff.

 

Latest news

Interserve claims progress in rescue talks

Chief says debt for equity swap plan to be tied-up in early 2019
3 hours ago

Forrest falls into administration

Construction and housing divisions to cease trading while Engie buys refurb and energy contracts
2 days ago

Lakehouse staff let go as subcontractors quit sites

Workers made redundant and suppliers leaving sites just months after sale
3 days ago

Boost your online presence – join the Enquirer Directory

New site for suppliers and buyers showcases products, services and latest stories
7 months ago

Kier scores November contracts league double

£300m London luxury flats project extends Kier's lead at top of annualised league
3 days ago

Green light for £300m Norwich mixed used scheme

Weston Homes to build 1.2m sq ft scheme creating a "Covent Garden" style urban quarter
3 days ago

Former Kier boss joins McCarthy & Stone

Nigel Turner to lead drive to reduce construction costs
3 days ago

Vermont replaces Forrest on £100m Liverpool site

Elliot Group moves quickly to secure new main contractor as existing site team taken on
4 days ago

Bristol contractor goes into administration

Majority of 50-strong workforce at Helm Construction made redundant
4 days ago

Kier drops out of FTSE 250 as share price dives

Shares trade below discounted rights issue price
4 days ago

Betting Spy: No Arnie no problem for West Ham

West Ham and Man City to land 3/1 double
3 days ago

36-hour Hinkley Point concrete pour releases £70m

BYLOR achieves key concrete raft milestone in 2,500 cu m pour
4 days ago

Murphy major projects chief joins Galliford Try

Sean Blackmore to lead expansion in the rail market
4 days ago

Multiplex Europe MD shifts to non-exec role

Ross Ballingall moves on after eight years heading construction business
4 days ago

MPs demand end to late payment and retentions reform

Hard-hitting select committee report demands end to cash "stranglehold" imposed by big firms
5 days ago

Network Rail awards first CP6 contracts

Story Contracting and AmcoGiffen win Scotland North East building and structures renewals
5 days ago

Former Atkins chairman replaces Terry Morgan at HS2

Allan Cook takes reins at HS2 while hunt starts for Crossrail chairman
4 days ago

Construction aims to attract more ex-offenders

Construction firms sign-up to major new training drive to plug skills gap
4 days ago

Proline Group hit by fall-out from Forrest

Building services specialist fights for survival after bills go unpaid by main contractor
5 days ago

Hunt for smart motorway trio to deliver £7bn plan

Highways England starts hunt for smart motorway alliance partners
5 days ago

VolkerFitzpatrick wins £20m combat systems hub

Work to start on Portsmouth defence systems academy early next year
5 days ago

Fusion21 starts hunt for £800m building framework partners

Firms have until end of January to complete early bid submissions
5 days ago

Flying concrete from blocked pump kills worker

Specialist contractor and director fined after worker dies two months after joining firm
5 days ago

Peel plans five resi towers at MediaCityUK

Michigan Avenue scheme will boast MediaCity's tallest tower
5 days ago

ISG lands £70m refurb deal for Canary Wharf tower

Former home of the Financial Conduct Authority to be completely revamped
5 days ago

Manchester Met Uni seeks firms for £60m engineering faculty

Project will include 145,000 sq ft new-build and revamp of existing facilities
5 days ago

Murphy bags £10m gas infrastructure deal

Cadent lets contract for reconstruction of four Above Ground Installations
5 days ago

Amey director quits after joining from Carillion

Ray Jones joins property services specialist Liberty Group
6 days ago

Balfour Beatty pays down nearly half debt

Gross debt cut from £640m to £350m
6 days ago

Graham wins Wolverhampton office job

Wolverhampton Interchange i9 office building secured with £11.2m bid
5 days ago

Contractor services