{"id":17396,"date":"2023-05-23T11:25:04","date_gmt":"2023-05-23T18:25:04","guid":{"rendered":"https:\/\/essential.construction\/news\/ferrovial-construction-uk-plunges-to-30m-loss\/"},"modified":"2023-05-23T11:25:05","modified_gmt":"2023-05-23T18:25:05","slug":"ferrovial-construction-uk-plunges-to-30m-loss","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/ferrovial-construction-uk-plunges-to-30m-loss\/","title":{"rendered":"Ferrovial Construction UK plunges to \u00a330m loss"},"content":{"rendered":"<p> <a href=\"https:\/\/essential.construction\/files\/membership-default-internal\/\" class=\"memberhide\"><img decoding=\"async\" src=\"https:\/\/essential.construction\/news\/wp-content\/uploads\/sites\/15\/2023\/01\/20220718_175041000_iOS.jpg\" alt=\"-\"><\/a><br\/><br \/>\n<\/p>\n<div id=\"post-475053\">\n\t<!-- .entry-header --><\/p>\n<div class=\"entry-content\">\n<p>The firm revealed total provisions of \u00a354m on the project for the year ending 31 December 2022. This figure is made up of \u00a319.6m for defects and warranties and \u00a331.3m of forecasted losses.<\/p>\n<p>Ferrovial said the expected losses were driven by inflation in materials and labour markets against the constraint of a fixed price contract.<\/p>\n<p>Revenue over the year rose 8% to a record \u00a3493m. Despite operating losses, Ferrovial\u2019s net cash balance increased 9.2% in like-for-like terms to \u00a3213m.<\/p>\n<p>Karl Goose, Managing Director for the UK &amp; Ireland said that Ferrovial Construction continued to pursue its strategic plan to grow sustainably in the UK and improve margins.<\/p>\n<p>He said that across the rest of the UK business portfolio, Ferrovial made an underlying EBIT profit of \u00a322m.<\/p>\n<p>\u201cThe impact of world events on our industry has been unprecedented and certainly came to a head over 2022.<\/p>\n<p>\u201cOur focus has been on financial certainty and resilience as we face the potential impact of these events with the rest of our industry.<\/p>\n<p>\u201cWe have therefore taken the correct and prudent decision to make a provision for these factors,\u201d said Goose.<\/p>\n<p>He added that Ferrovial ended the year with an order book of \u00a3795 (2021: \u00a31bn).<\/p>\n<p>It has now started to target more and smaller projects in order to make order book growth more consistent going forward.<\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n<p><!-- .entry-content --><\/p>\n<footer class=\"entry-meta\">\n<div class=\"author-info\">\n<div class=\"sleeve\">\n<div class=\"author-avatar\">\n<div class=\"sleeve\">\n\t\t\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p><!-- .author-info -->\t\t\t<\/footer>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-5143531171910809\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- News - Bottom -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-5143531171910809\"\r\n     data-ad-slot=\"8320848692\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.constructionenquirer.com\/2023\/05\/23\/ferrovial-construction-uk-suffers-30m-loss\/\" rel=\"nofollow noopener\" target=\"_blank\">This article was originally posted at Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The firm revealed total provisions of \u00a354m on the project for the year ending 31 December 2022. This figure is &#8230; <a title=\"Ferrovial Construction UK plunges to \u00a330m loss\" class=\"read-more\" href=\"https:\/\/essential.construction\/news\/ferrovial-construction-uk-plunges-to-30m-loss\/\" aria-label=\"Read more about Ferrovial Construction UK plunges to \u00a330m loss\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1089],"tags":[],"class_list":["post-17396","post","type-post","status-publish","format-standard","hentry","category-construction-enquirer","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/17396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/comments?post=17396"}],"version-history":[{"count":0,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/17396\/revisions"}],"wp:attachment":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media?parent=17396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/categories?post=17396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/tags?post=17396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}