Latest Business News

Impact of Covid-19 begins to show in firms’ balance sheets

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The impact of the Covid-19 pandemic has been laid bare by a series of financial results recently released by construction and engineering firms. Big name contractors Galliford Try, Kier, Costain and Amey have all reported losses.

All have felt the effects of forced site closures at the start of lockdown and…

TfL boss given redacted version of report on TfL performance

Transport for London must watch cuts to protect its credit rating

The head of Transport for London (TfL) has been sent a report into his own transport system of over half of which had been redacted.

TfL commissioner Andy Byford revealed that over two-thirds of a draft report undertaken by KPMG into Transport for London was missing after being sent a copy…

Scape fires starting gun on £14bn framework tenders

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Scape Group has outlined its plans for the £14bn next-generation construction frameworks following a further £1bn in funding.

The procurement body’s new suite of construction frameworks include the £12bn framework for England, Wales and Northern Ireland, and a £2bn framework for Scotland. The new framework builds on the success of Scape’s…

Planning applications fell by almost a quarter during lockdown

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The number of planning applications submitted during the height of lockdown fell by almost a quarter compared to the same period last year.

Figures released by the Ministry of Housing, Communities & Local Government (MHCLG), reveal that between April and June this year, planning applications made in England fell by 23%…

London Olympics delivery chief appointed NIC commissioner

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One of the senior figures who led London’s 2012 Olympic Games bid and then subsequently oversaw its delivery has been appointed as a commissioner of the National Infrastructure Commission (NIC).

The government has announced that Neale Coleman has been brought in on an initial two year contract. Sir Tim Besley, Sadie…

Infrastructure jobs market shrinks by a fifth

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The infrastructure jobs market shrunk by a fifth between June and August, according to data released by Advanced Resource Managers (ARM).

ARM’s Quarterly infrastructure report reveals that the number of infrastructure-related job ads across the UK decreased by 22% (58,455 to 45,618) during the summer. London saw the highest drop across…

Watchdog to accuse KPMG of Carillion audit breaches

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An initial report on KPMG’s audit of Carillion has been delivered by the UK’s accountancy watchdog, suggesting breaches have been found.

The Financial Reporting Council (FRC) said it delivered its Initial Investigation Report (IIR) in August. The report covers KPMG’s audit of Carillion’s financial statements between 2014 and 2016 and additional…

Turner & Townsend profits boosted by rail jobs Down Under

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Turner & Townsend has reported growth in profit and revenue, in its annual accounts.

Despite “Covid-19 shocks”, the firm saw 2019/20 turnover rise to £744M, as net revenues increase by £101M to £681M. UK net revenue grew by 9%, to £283M, while UK profits jumped from £29M to £36M year-on-year. The…