Tolent order book rises to £190m despite southern exit

Aaron Morby 4 years ago
Share

Gateshead-based Tolent is reporting its strongest commercial position in years with a pipeline of over £190m of work.

Tolent chief Andy McLeod expects to start hiring in a few months to boost 500-strong workforce
Tolent chief Andy McLeod expects to start hiring in a few months to boost 500-strong workforce

It is now planning a recruitment drive at the end of this year to support growing orders and the recovery in the house building market.

The improved outlook comes after a period of restructuring after directors decided at the end of last year to wind down  Tolent’s loss-making southern operation blaming an overly competitive market.

This impacted on 2019’s financial performance. While revenue jumped 30% to £175m, the southern division reduced the profit before tax of £3.5m to a loss of £859,000.

Since, Tolent has weathered the Covid lockdown, delivering the NHS Nightingale Hospital in Sunderland back in March.

Delivered in around three weeks, the success of this project has led to several new projects now being delivered across two of the North East’s major hospitals.

Tolent’s national asbestos removal service saw several jobs put on hold following the national lockdown, and decided to tailor its offering to provide a disinfection and sterilisation service back in May.

It teams have completed around 50 jobs across care homes, sheltered schemes, public transport, offices, commercial buildings and construction sites.

Tolent chief executive Andy McLeod said: “Our current commercial position is stronger than it has been for some years, with current and future workload across our core, northern business units, remaining healthy and in line with our strategic goals in terms of both turnover and margin.

The group now has 45 live sites and is delivering some regionally significant projects including an £11m civils project for propane storage in Teesside, the £26m Hadrian’s Tower in Newcastle, a £23m PRS development in Leeds and the £84m Milburngate site in Durham.

McLeod said the business is seeing steady growth in the residential market with housing and particularly social housing.

Including work completed this year and secured work into 2023, Tolent is set to deliver around 3,000 new homes covering both the private and public sector across the North East and Yorkshire.

Its landmark £120m South Seaham Garden Village development is due to start work next year creating 1,500 new homes, a new primary school, business hub, sports facilities, play areas and allotments all linked by a network of more than 5km of landscaped paths and cycleways.

He added: “With a healthy order book of work, including some negotiated work in the North East with a combined value of £185m, we’ll also be looking to recruit at the end of this year as we continue to build a strong and skilled workforce to help support and drive future growth.”

Latest news

Clients under spotlight after bond bombshell

Contractors call for action to avoid project delays
33 mins ago

M&E specialist Lorne Stewart falls into the red

Parent group suffers £2.8m loss in face of cost inflation and insolvencies
14 mins ago

Four men rushed to hospital after site accident

Eye-witnesses report a wall was knocked over on Edinburgh site
9 hours ago

World’s tallest scissor lift set for UK sites

Hire Safe Solutions partners with Dingli to supply lift with working height of 37 metres
17 mins ago

Barhale wins £36m East London sewer remediation

Northern Outfall Sewer in West Ham runs above railway lines in the city
12 mins ago

Weston Homes thumbs-up for £220m Essex homes scheme

Colchester 600-home Viridis scheme gains outline consent
8 mins ago

Balfour seals £192m deal for trio of Scottish substations

Work to start this summer to enhance electrical transmission in Argyll
23 hours ago

Construction bond bombshell as major player quits market

QBE currently provides cover for 20 of the industry's 30 biggest contractors
1 day ago

United Utilities names another 18 winners for £2.7bn water spend

Water giant cuts out large management contractors in latest spending round
2 days ago

Green light for £130m Dundee Eden project

Former gasholder site to be transformed into green house
24 hours ago

Four tower scheme in Glasgow gets green light

Go-ahead for major mixed-use scheme at Central Quay
1 day ago

‘Green collar’ construction workers earning £134,000

Cost consultant T&T says insulation and heat pump trades earning £70 an hour in London
1 day ago

£65m Trafford Waters resi blocks approved

X1 Developments plans over 200 homes in 13- and 8-storey blocks
24 hours ago

Over 100 firms win £1.5bn ICN housing framework

Great Places Housing Group names key partners for new homes programme
2 days ago

Steelwork firm went down owing £4.5m to suppliers

Subcontractors left holding unpaid invoices from SH Structures
2 days ago

Scottish civils firm to buy stake in piling specialist

Advance Construction in talks for 25% stake in Northern Piling Ltd
2 days ago

RSK secures £500m for fresh acquisitions spree

Acquisitive group aims to buy another 200 businesses by 2030
2 days ago

Beal Homes gets green light for £105m Humber scheme

Work to start on more than 500 homes in North East Lincolnshire
2 days ago

RED wins £20m East London office refurb

Grade II listed Victorian building to be upgraded to Cat A offices
2 days ago

Employee-owned Neilcott staff share £250,000 payout

Employee-owned building contractor sales jump 38% to £139m
3 days ago

Geoffrey Osborne supply chain hit for £26m

More than 500 suppliers and subcontractors left holding unpaid bills
6 days ago

Race for £800m South West Wales framework

Up to 16 firms face fight to renew spots on regional contractors framework
3 days ago

SME contractors agree 4% pay rise for site workers

Workers will also get an extra day of holiday
6 days ago

South East expansion paying off for Meldrum Group

Turnover up to £55m as North East based contractor expands national coverage
3 days ago

Wates boosts paternity leave to 12 weeks

Latest leave benefits apply from first day of working for contractor
3 days ago

Taylor Wimpey chief honoured with CBE

Jennie Daly recognised in King's Birthday honours
5 days ago

Labour to mothball £320m A27 job to fix potholes

Manifesto confirms Arundel Bypass canned as "poor value for money"
6 days ago

Lendlease’s £1.9bn Smithfield Birmingham scheme approved

Initial work to start later this year despite questions over Lendlease's degree of involvement
6 days ago

Crest Nicholson rejects £650m Bellway bid

Second Bellway approach rebuffed
6 days ago

Hill submits £800m East London estate rebuild plan

Over 1,900 homes to be built in five phase at Teviot Estate in Poplar
7 days ago

Contractor services