Employee-owned Briggs & Forrester staff get £250 bonus

Aaron Morby 2 years ago
Share

Building services contractor Briggs & Forrester UK handed out a bonus of £250 to each of the 875 eligible staff in the first dividend under the new employee-ownership trust structure.

Around 40 staff were also allocated 892,500 shares as part of the new B&F Growth Share Plan established after becoming an EOT.

But profit performance for the year fell below expectations due to the impact of inflation, a competitive market and the pandemic affecting both sales volumes and profitability.

This saw pre-tax profit in the year to 31 October 2021 more than halved to £1.7m from £4.1m previously on revenue ahead 5% to £234m.

The group’s forward order book stood at £268m (2020: £341m) in part because of reduced residential project opportunities in London and the south east.

Revenue at the main commercial engineering services division jumped 62% to £1o4m, although pre-tax profit slipped to £1m (2020: £1.3m), due to an ongoing poorly performing project in the north.

Briggs & Forrester Living, the specialist multiple occupancy residential, student and hotel building services arm, saw revenue fall 21% to £102m with pre-tax profit down to £1.7m from £4m previously.

Net assets decreased by 18% to £9.9m from £12m after allowing for a second interim payment relating to the sale of the business to an EOT and reductions in goodwill from the 2016 management buy-out.

 

Latest news

BAM plans another round of construction redundancies

Second round of redundancies in four months
8 hours ago

Ray O’Rourke steps down as chief executive

Son Cathal O’Rourke to head the Laing O'Rourke Group as new CEO
1 day ago

ARJ Construction went down owing £9m to supply chain

Unsecured creditors can expect some money back for unpaid invoices
14 hours ago

CBRE and T&T to combine project management arms

New $3bn revenue PM giant employs 20,000 staff in over 60 countries.
23 hours ago

Multiplex starts London 36-storey ‘hanging gardens’ tower

Piling starts on Square Mile's £400m 50 Fenchurch Street tower
2 days ago

Eastern Green Link 1 looking for local suppliers

Subcontractors wanted for electrical superhighway scheme
14 hours ago

Caddick wins £10m Manchester college extension

Loreto Sixth Form College in Hulme to get new three-storey building
14 hours ago

Green insulation firm buys flooring contractor

Energystore acquires Advanced Traditional Screeding
15 hours ago

Birmingham to pick five firms for £265m homes retrofit plan

Firms to be charged annual fee to cover Council cost of promoting energy efficiency
2 days ago

Arup and Binnies to design Abingdon reservoir

Embankment trial will help consultants to draw up £1.5bn reservoir design
2 days ago

Subdued market sees profit warning from SIG

Insulation and building products supplier pushes back timing for market turnaround
2 days ago

Developer CLS to advance major new Vauxhall scheme

Citadel Place scheme will consist of 400 student rooms and 200 flats
2 days ago

Tarmac trials electric tipper truck

Pioneering EV tipper being put through its paces
2 days ago

Changing of the guard at HBF

Long-standing Chief Executive Stewart Baseley steps back to become chairman
2 days ago

Early bond release key to averting industry surety crisis

Contractors must put pressure on clients to release bonds promptly
5 days ago

Over 1000 building safety cladding retrofits completed

25% of safety retrofits finished seven years after Grenfell disaster
5 days ago

Steel import delays make Rangers miss kick-off

Construction work at Ibrox will not be finished by start of next season
5 days ago

Lidl looking for new contractors for store building plans

Sign up for events in Newcastle, Glasgow, Birmingham and Southampton
5 days ago

Utility firm GTC revs up for ground source heat pump era

Contractor and heat pump maker strikes ground-breaking deal
5 days ago

Amey switches kit supplier to Speedy from HSS

New plant and equipment hire deal worth £25m a year
5 days ago

Clients under spotlight after bond bombshell

Contractors call for action to avoid project delays
6 days ago

M&E specialist Lorne Stewart falls into the red

Parent group suffers £2.8m loss in face of cost inflation and insolvencies
6 days ago

Four men rushed to hospital after site accident

Eye-witnesses report a wall was knocked over on Edinburgh site
6 days 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
6 days ago

Barhale wins £36m East London sewer remediation

Northern Outfall Sewer in West Ham runs above railway lines in the city
6 days ago

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

Colchester 600-home Viridis scheme gains outline consent
6 days ago

Balfour seals £192m deal for trio of Scottish substations

Work to start this summer to enhance electrical transmission in Argyll
7 days ago

Construction bond bombshell as major player quits market

QBE currently provides cover for 20 of the industry's 30 biggest contractors
7 days ago

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

Water giant cuts out large management contractors in latest spending round
1 week ago

Green light for £130m Dundee Eden project

Former gasholder site to be transformed into green house
7 days ago

Contractor services