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

However the agency, purchased by French building big Bouygues in 2022, mentioned its new core give attention to scholar new construct, vitality 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loss in 2024, after swallowing £50m of non-recurring prices from the ultimate levels of its restructuring and finishing outdated new construct jobs.

These costs come on prime of £53m in distinctive prices booked the earlier yr, 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 yr.

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.

Wanting ahead, Equans Regeneration mentioned 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 protecting 18,000 properties throughout the North and Midlands – the most important below Anchor’s new nationwide repairs mannequin.

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

The agency can be ramping up work below the Social Housing Decarbonisation Fund, delivering retrofit upgrades throughout properties in North Lincolnshire, Suffolk, Harrow, Swindon and London for a mixed £20.8m, plus additional offers with 54North Houses, 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 vitality options throughout 1000’s of properties.