Clancy drops Docwra name and exits multi-utility work

Aaron Morby 2 months ago
Share

Clancy has dopped the Docwra name from its contracting business as part of a new five-year plan for the civils group.

Chairman Kevin Clancy said the firm can now self fund the majority of its working capital needs
Chairman Kevin Clancy said the firm can now self fund the majority of its working capital needs

The firm is also expected to complete its exit next month from multi-utility work, where it suffered losses in the past.

The plans to focus on water work, power and civil engineering infrastructure were set out in its latest financial results for the year to March.

While revenue dipped 5% to £293m due to Clancy’s exit from its Scottish Power contract and lower multi-utility workloads, pre-tax profit for the year continued to recover, rising to £2.6m from £0.9m in 2019.

Chairman Kevin Clancy said the business was now debt-free and on a strong footing with over £20m cash to face the challenges of the year ahead.

He said: “The nature of our contracts and customer base means that the majority of work we have been unable to undertake due to the lockdown at the start of 2020/21 will still need to be done.

“We expect work volumes to catch up over the coming 12 months as the utility companies work to achieve their regulatory targets.”

He added: “Our future strategy is to retain and grow our position in water and energy sectors where we have developed many long-term relationships.”

The water sector presently accounts for 70% of group revenue. In the financial year, Clancy renewed contracts with Anglian Water, Southern Water and South East Water until 2025.

In the energy sector, Clancy is working with UK Power Networks and Northern Powergrid.

Clancy said: “The group has worked hard to reduce debt and become able to self-fund the majority of its working capital needs, with renegotiated banking facilities in place to cover peak demand.

“Since the year-end, the group has continued to follow this approach and maintain significant headroom in all its facilities.”

 

Latest news

10,000 jobs at risk in nuclear supply chain without Sizewell C

Contractors urge Government to back new Suffolk nuclear power station
3 days ago

Lendlease sells London office tower for flats revamp

Grant Lipton buys Chiswick office block to covert to 137 homes
2 days ago

Aecom wins PM role for £700m Whipps Cross hospital

Construction is hoped to start befoe the end of 2022
2 days ago

Kier plunges to £273m loss

Heavy restructuring costs and building losses set Kier back
3 days ago

Tolent order book rises to £190m despite southern exit

Directors wind down loss-making southern business to focus on north and central England
3 days ago

Hull contractor writes roadworks sign in local dialect

"Yer Jerking, Merr Rerd Werks" sign unveiled by M B Roche & Sons
3 days ago

M&E firms now optimistic after worst fears not realised

Firms in positive mood even with furlough scheme drawing to a close
2 days ago

£216m deal for East Coast Main Line power upgrade phase 2

Rail Electrification Alliance, including VolkerRail and Murphy, signs contracts
3 days ago

Tender prices hold firm but likely to fall 2.5% in 2021

Mace cost consultancy forecasts bid pricing fall next year
3 days ago

Skanska chief to chair CBI construction council

Gregor Craig will succeed Sir James Wates in November
3 days ago

Henry Construction hires safety director

Former Murphy safey chief joins Henry Construction
3 days ago

Go-ahead for West London 460-home build to rent scheme

TfL/Grainger JV to start five-block scheme next to Southall station
3 days ago

Argent advances plan for fifth Paradise Square building

Four architects in contest to design Three Chamberlain Square and hotel
4 days ago

Mini nuclear power lifeline for Wylfa site

Rolls-Royce eyes North Wales site after Hitachi confirms £20bn nuclear power plant canned
4 days ago

Morgan Sindall set for £40m Birmingham Uni lab job

First phase of Molecular Science complex to start early next year
4 days ago

Leaders press Chancellor for targeted six-pack stimulus

Industry tables carbon reduction, cladding and job creation plan for Autumn spending review
4 days ago

Worker killed as scaffold collapses during dismantling

Contractor and director fined after fatal fall in north London
4 days ago

Vital Energi to build waste heat from power plant centre

Low-carbon energy centre to use spare heat from planned £680m energy from waste plant
4 days ago

Spring start for next Harwell science block

Builder yet to be named for Quad 2 building
4 days ago

MPs slam missed cladding remediation target

Public Accounts Committee warns it is “imperative” new 2021 deadline to replace cladding is met
4 days ago

Galliford Try suffers £60m loss

Contractor forecasts return to profit this year and targets 1.6% margin
4 days ago

Pulling-out of London market costs Redrow £35m

Making "acceptable" returns in the capital "increasingly more difficult"
4 days ago

Balfour tops August contracts league with civils wins

Value of industry civils contract wins rises above last year's pre-Covid level
5 days ago

Lendlease to cut 240 UK staff

Lendlease streamlining to see workforce cut by 15%
5 days ago

Network Rail to prototype composite station bridges

Low carbon composite bridges could be used to replace existing assets
5 days ago

Nuclear supply chain fears as £20bn Wylfa project scrapped

Firms warn Sizewell C plan now essential to protect developing industry
5 days ago

Nine win next phase of £12bn Openreach roll-out

2m more homes to be hooked up in ultrafast broadband push
5 days ago

Competition watchdog probes Interserve FM sale to Mitie

CMA investigates £271m merger to create UK's largest FM firm
5 days ago

Henry Boot puts social housing arm into liquidation

Starfish Commercial closes year after acquisition
6 days ago

Imtech cuts jobs as founder steps down

Imtech Engineering Services to axe 50 jobs in streamlining
6 days ago

Contractor services