Equans suffers £29m loss as new build exit drags on

However the agency, purchased by French building large Bouygues in 2022, stated its new core concentrate on scholar new construct, power retrofit and housing refurb markets was beginning to advance operational profitability.

The contractor racked up one other £29m pre-tax loss in 2024, after swallowing £50m of non-recurring prices from the ultimate phases of its restructuring and finishing outdated new construct jobs.

These costs come on high of £53m in distinctive prices booked the earlier 12 months, linked to the choice to ditch new construct exercise totally by the top of 2025.

However beneath the one-off hits, the core enterprise stays within the black. Underlying operations delivered a £22.3m working revenue on £652m turnover, up from £16.2m the earlier 12 months.

The shift away from aggressive design and construct jobs is already paying off. Working margin on core exercise rose to three%, whereas turnover stayed regular regardless of the restructure.

Trying ahead, Equans Regeneration stated it had picked up main long-term housing frameworks together with:

• A £400m two-year interim take care of Birmingham Metropolis Council to ship social housing upkeep and retrofit upgrades.

• A £94m contract with Anchor masking 18,000 houses throughout the North and Midlands – the biggest underneath Anchor’s new nationwide repairs mannequin.

• A £120m fireplace security remediation programme with Southern Housing, as a result of run till 2028.

The agency can also be ramping up work underneath the Social Housing Decarbonisation Fund, delivering retrofit upgrades throughout houses in North Lincolnshire, Suffolk, Harrow, Swindon and London for a mixed £20.8m, plus additional offers with 54North Properties, Clarion, L&Q and Notting Hill Genesis.

A Midlands-wide retrofit programme, set to usher in £19.9m of labor throughout 2025, will see Equans roll out insulation, low-carbon heating, and renewable power options throughout hundreds of houses.