Article Abstract:
Housing starts in the UK so far in 1996 have been below 1995 levels. There is set to be an improvement in Sep 1996, but this will come too late to boost housebuilders' financial performance for 1996. They are having to reduce their profit forecasts for the second half of 1996, and some may see a negative impact on their shares. Wimpey, the largest housebuilder in the UK, is expected to see a pre-tax loss of 5.5 million pounds sterling in the first half of 1996, but a profit of 35 million pounds sterling for the full year.
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Article Abstract:
Strong competition has had a negative impact on the financial performance of Shepherd Building Group, the largest privately-owned construction company in the UK. In the year to Jun 1995, pre-tax profit fell 17% from the previous year to 13.5 million pounds sterling, while turnover was down 5% to 321.1 million pounds sterling. The company expects difficult trading conditions to continue in the foreseeable future.
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Article Abstract:
A settlement has been reached between Tarmac and Barry Myers, who was selected in Feb 1996 to manage the company's construction division but remained in the position for only three months. No details of the deal have been released. The company plans to shed a further 300 posts in its construction division by the end of 1996 as it brings its reorganisation programme to an end.
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