Spencer Engineering runs up third year of losses

Aaron Morby 2 years ago
Share

Multi-engineering contractor Spencer Engineering Group suffered a loss for the third year running.

Secondary lining for 60m Thames Tideway shaft pour by Slipform Engineering
Secondary lining for 60m Thames Tideway shaft pour by Slipform Engineering

The Hull headquartered contractor managed a near breakeven performance in the year to March with a pre-tax loss of just £23,000 compared to £166,000 in 2019 and a £9.8m loss in 2018.

Revenue also showed improvement rising by a fifth to £66m, making up some of the lost ground since Spencer’s landmark 2017 performance when it achieved record profitability of £5.6m from £112m sales.

Spencer founder and executive chairman Charlie Spencer said that 2020/21 had started with challenges but the outlook for work ahead was good, particularly in its rail business.

During this year the board negotiated a £4m term loan to improve working capital.

In latest published accounts, Spencer said: “While there has been a short-term, sharp disruption in activity in 2020 as a result of Covid-19, general market activity is expected to remain positive in all sectors with Government’s committed spending in transportation, particularly rail..providing significant future construction opportunities.”

The structural repair, refurbishment and maintenance of bridges was also looking forward to a strong future pipeline of work as Spencer capitalised on a reputation for providing innovative access solutions that provide a competitive advantage.

Spencer said the group’s Slipform Engineering subsidiary was also expected to enjoy strong growth going forward despite a £310,000 loss in the year to March 2020.

The specialist slipformer has made good progress with its new patented system that delivers significant programme and cost savings.

As well as major shaft work for Thames Tideway, the business is also working on high-rise building cores across the country, an area it has targetted for growth.

 

Latest news

Moving in to new markets paying off for McLaren

Contractor carving out new niche as leading player in heavy refurbs
1 day ago

Plan to add retentions record to payment reporting law

Government consults on tougher reporting to include disputed invoices and retention policies
2 days ago

Morgan Sindall wins £88m Beckton DLR depot upgrade

Delayed work to start on Docklands Light Railway train maintenance depot in East London
1 day ago

Hare and Severfield win £250m Sellafield deal

Country's two biggest steelwork contractors secure 17-year framework
2 days ago

Max Steward returns to head up ISG’s Agility fit-out arm

Former ISG project director returns after three years to take up MD role
2 days ago

McLaren wins massive Portland House refurb

Construction to start this year on £380m revamp of 28-storey building in central London
2 days ago

Green light for £275m HS2 Midlands nerve centre

Trio of contractors battling it out to win huge new depot near Birmingham
2 days ago

Winners named for Government £10bn offsite framework

29 firms secure places on mega framework for schools, healthcare, defence and justice jobs
3 days ago

ISG, Amey and Costain now industry’s quickest payers – list

Average payment times from main contractors slip by a day
3 days ago

Staff at Outco Surfacing start looking for new jobs

Administration notice filed two years after acquisition of NMC Group
3 days ago

£4.75m building work provision tips Higgins into the red

Partnerships business counts cost of changes to building safety rules
2 days ago

John F Hunt snaps up London temporary works design firm

Demolition contractor buys geotechnical and structural engineering design specialist RKD Consultant
3 days ago

Vital Energi lands £13m package at Plumstead regen site

Specialist will start on site this summer helping to transform the former home of Arsenal FC
3 days ago

Galliford Try to start £14m Scunthorpe Market scheme

Firm will build NHS staff accommodation and offices in two phases
3 days ago

Vast £500m British Library expansion go-ahead

London Mayor still needs to give final nod to 800,000 sq ft extension at St Pancras site in London
4 days ago

Wates names new chief executive

Cork-born Eoghan O’Lionaird to join later this month
4 days ago

Keltbray director joins Barhale as North East chief

Mark Wood heads operations in Yorkshire and North East England
3 days ago

Major London City building green deep retrofit approved

St Bride’s Tavern near Fleet Street will be demolished for the building expansion
4 days ago

Gilbert Ash lands starring role in £38m Welsh theatre revamp

Contractor to start work this year on Theatr Clwyd upgrade
3 days ago

Property clients to ramp up spending on decarbonising

Survey reveals nearly half of property chiefs plan to speed up spending on net-zero programmes over next twelve months
4 days ago

Average self employed labour rates top £1,000 a week

Average weekly earnings reach high for skilled trades
5 days ago

BAM wins £49m Harrogate Convention Centre revamp

Local council hopes to sanction work start this autumn
4 days ago

Renaker to top-out Manchester with 71-storey skyscraper

Developer lifts the lid on planned five-building cluster for phase 3 of Great Jackson Street development
5 days ago

Costain bridge lift delayed by ground conditions

National Highways chiefs postpone planned lifting operation
4 days ago

Nexus sells utilities and EV contracting arms for £78m

Group to now focus on remaining business at south east housing civils contractor Tamdown
5 days ago

Speller Metcalfe lands lead role on £40m Tamworth revamp

Town centre to be transformed under ambitious plans
5 days ago

Scaffold boss banned over covid loan abuse

Eleven-year director ban after misuse of £50,000 loan
5 days ago

Gove issues six weeks ultimatum to sign building safety contract

Developers told to sign Government contract issued today or be banned from building homes
6 days ago

Firm fined £120,000 for lifting two builders in a telehandler bucket

Rochdale builder Hoyle Developments fined after repeated safety breaches
1 week ago

Hunt quashes reports HS2 will stop at Old Oak Common

Chancellor says no "conceivable circumstance" where HS2 would not terminate in Central London
1 week ago

Contractor services