Bam Construction reports £31.4m loss
19 Aug
Top Stories

Bam Construction reports £31.4m loss

Posted by author-avatar
0
Top Stories Tamfitronics Bam Construction has reported a £31.4m pre-tax loss after struggling with high inflation and supply chain insolvency.The contractor lost money on revenue of £897.6m in the year to 31 December 2023 – representing a small reduction from the £900.9m it turned over in 2022, according to newly published financial accounts.“Profitability has been impacted by high inflation conditions within the UK and impact of unprecedented levels of supply chain liquidations,” said Bam Construction executive director Kim Sides in a strategic report.Bam’s revenue increased throughout 2023 as projects that were paused during the Covid-19 pandemic were finally built out. But the firm’s forward-order book stood at just £606m at year end, 38 per cent lower than the £971.6m total it posted a year earlier.“Work in hand has reduced in the year as Bam...
Continue reading
A new model for public private partnerships
19 Aug
Top Stories

A new model for public private partnerships

Posted by author-avatar
0
Top Stories Tamfitronics Nick Gray​​ is UK and Europe chief operating officer at consultancy Currie & BrownBetween 1997 and 2010, more than 700 new public sector construction projects were successfully delivered, improving the fabric of many key sectors of the economy, such as education and healthcare. Arguably, the delivery of many of these projects might not have happened had it not been for the private finance initiative (PFI) model. In 2018, the Conservative government discontinued PFI for new infrastructure projects, which kickstarted discussions on how best to finance the UK’s acute ongoing need for public development projects.The PFI problem childAt its core, ()the old PFI model made sense, but it remains controversial. Early PFI contracts were often complex and lengthy, making it difficult to flex them to meet the evolving needs of a project...
Continue reading
Contractor victorious in late-payments dispute
19 Aug
Top Stories

Contractor victorious in late-payments dispute

Posted by author-avatar
0
Top Stories Tamfitronics An East Grinstead contractor has successfully overturned a legal decision that found it was wrong to terminate its contract with a housing association over repeated late payments.The dispute arose from a JCT contract between Providence Building Services Limited and Hexagon Housing Association Limited (Hexagon) for the construction of buildings in Purley, valued at £7.2m.The key issue was whether Providence could terminate its contract after Hexagon failed to pay an invoice on time, even though Hexagon had paid up within 28 days of receiving a previous default notice.Mark London, partner at Devonshires who represented Hexagon, said: “The Court of Appeal’s judgment has introduced a significant risk to employers everywhere who, in the event of a specified default, will face the proverbial sword of Damocles for the remainder of the contract.“Contrary to the way...
Continue reading
Kim Dotcom Loses 12-Year Fight with U.S. Government, Gets Extradited to U.S.
19 Aug
Top Stories

Kim Dotcom Loses 12-Year Fight with U.S. Government, Gets Extradited to U.S.

Posted by author-avatar
0
Top Stories Tamfitronics Photo Credit: X/Twitter Kim DotcomTop Stories Tamfitronics After a 12-year fight with the U.S. government, alleged piracy facilitator Kim Dotcom will be extradited to the United States from New Zealand.The New Zealand Justice Minister Paul Goldsmith confirmed the news, saying he signed an extradition order for Dotcom this week. “I considered all of the information carefully, and I have decided that Mr. Dotcom should be surrendered to the U.S. to face trial,” Goldsmith says in his statement.“As is common practice, I have allowed Mr. Dotcom a short period of time to consider and take advice on my decision. I will therefore, not be commenting further at this stage.” Speaking on social media about the extradition, Kim Dotcom said: “the obedient U.S. colony in the South Pacific just decided to...
Continue reading
Load more posts
Loading...