Spencer Engineering runs up third year of losses

Aaron Morby 3 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

Receivers in at £125m Manchester tower developer

Domis Construction walked away from scheme following doubts over funding
10 hours ago

McAlpine pulls out of £55m Carlisle Citadels project

University of Cumbria starts hunt for replacement contractor
4 days ago

Strabag UK suffers further big trading loss

Austrian contractor is gearing up for major presence in the UK market
3 days ago

Durham Uni picks UPP for £130m student scheme

Firm will deliver 1,000 self-catered bed spaces
3 days ago

Architects now upbeat after 10-months of work gloom

Larger practices see rising workloads in next three months
3 days ago

Motorist dies after collision with road paver

Police Scotland investigating fatal crash
4 days ago

McLaren Living appoints HG Construction for £69m scheme

Build to Rent scheme will transform former vacant car park site in Leeds city centre
4 days ago

Squibb liquidator probes £2m of “missing” plant

Machinery, cars and scrap metal have disappeared at demolition specialist
4 days ago

Galliford Try to re-enter affordable homes market

Contractor sets out new five-year plan to build margin to 4%
4 days ago

Former Sellar chief to lead civils contractor Kilnbridge

Owen Dannatt joins as new CEO as founder Dermot McDermott becomes Chairman
4 days ago

Hunt starts for nuclear fusion plant construction partner

Fusion energy plant to be built at West Burton coal power station site.
4 days ago

National Grid raises £7bn for big infrastructure upgrade

Rights issue to fund a major round of capital investment in energy infrastructure
4 days ago

Grenfell police probe to last at least until end of 2025

19 companies and 58 individuals could eventually face charges
4 days ago

Mace confirmed on £100m London office retrofit

Work underway on Helical's 100 New Bridge Street job near Ludgate Circus
5 days ago

Wylfa chosen for next big nuclear power station build

Government names Anglesey site for a large-scale gigawatt nuclear power plant.
5 days ago

Bowmer & Kirkland trading profit halves

Contractor buys HVAC specialist Adcock despite challenging market
5 days ago

Piling specialist Van Elle plans further job cuts

Piling specialist plans further cost savings in face of lower demand
5 days ago

Civils contractor A Catlow files administration notice

High voltage cable specialist lodges court notice
5 days ago

Green light for ARC Oxford lab campus

Work to start later this year on £40m Ascent building job
5 days ago

Stonehenge tunnel hit by another legal delay

Court upholds latest appeal against £1.7bn scheme by campaigners
6 days ago

Plans go in for huge Olympic Park construction hub

Bow Goods Yard could deliver 3.5m tonnes of materials a year to sites across London
6 days ago

40% affordable homes target for Labour’s new towns

Labour pledges to select new town sites by end of first year
6 days ago

Plan for £100m Liverpool Baltic station

Construction work could begin next year
6 days ago

Surgo Construction went down owing £4.5m

Biggest creditor is Bellway Homes after dispute on housing job
6 days ago

Vistry seals £157m West London housing deal

Around 575 homes to be built at Merrick Place scheme in Ealing
6 days ago

Streamlined Watkin Jones returns to profit in first half

Multi-room specialist sees secured work pipeline hit £1.4bn
6 days ago

Bellway hires ex-brickie as group construction chief

James Griffin to oversee move to the Future Homes Standard and timber frame.
6 days ago

Persimmon under fire for delays to £10m relief road

West Suffolk Council serves Breach of Condition Notices after timetable slips again
6 days ago

BAM wins £33m Kent secondary school job

Replacement Swanley academy to be built at live school site
6 days ago

Aluminium cladding specialist collapses

Melton Mowbray-based firm worked for several main contractors
7 days ago

Contractor services