Mark Skinner, Managing Director of CSC Recruitment, discusses the recent good news in the wake of Carillion’s collapse
So after all the doom and gloom of the second biggest contractor going bust we have had a string of good news about the improving position of several other major construction businesses in the last few weeks.
Vinci have recorded a near five-fold jump in pre-tax profit to £22m, Morgan Sindall continued its strong run of results with a pre-tax profit soaring 46% to £65m, Balfour Beatty has returned to profit for the first time in two years and Wates hit record profit and turnover levels.
The good news looks set to continue with main other contractors about to release promising results.
So what has happened…?
Virtually all major contractors were hit hard by the changing financial landscape of the last recession which is possibly unsurprising when you look at how long it had been since the last recession. Most business leaders were not operating at that level at the beginning of the 90’s but it looks at least that the majority of contractors have learnt their lessons.
We can but hope that the leaders of these companies develop long memories for next time.