Worst loss in industry's history; Tarmac suffers 350 million pounds sterling loss for 1992
Article Abstract:
The UK's largest construction company Tarmac made a loss of 350 million pounds sterling for 1992 following 372 million pounds sterling of write offs. Tarmac made a profit of 21 million pounds sterling in 1991. Chief Executive Neville Simms claims that his new management strategy based on rationalisation and cut backs will help Tarmac to recover. Staff numbers have been reduced by 5,706 to 24,600 since Simms was appointed in Feb 1992. Simms aims to build 1,000 fewer homes during 1993 which may mean that Tarmac may lose its market share to housebuilder Wimpey.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1993
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Aiming low for high rewards
Article Abstract:
Mansell is a building company based in the South of England. Its strategy of having many low value jobs rather than a few major contracts is proving beneficial in the recession. Mansell has reduced staff since 1990 but does not anticipate further redundancies in 1992 and is considering geographic expansion. It has invested in computer systems for costing and management. Mansell made one million pounds sterling profits in 1991 and has a solid financial base. It is 25% family owned, 18% of stock is held by the directors and 20% by venture capitalist, 3i.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1992
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Tarmac set to lose 200 million pounds sterling
Article Abstract:
The UK's largest construction company Tarmac is estimated to lose 200 million pounds sterling in 1992. Tarmac's new chief executive Neville Simms has introduced a 300 million pounds sterling asset disposal programme to decrease debt. Simms aims to focus the company on its primary activities, such as quarry products, housing and construction. He aims to target another 100 million pounds sterling in asset sales in 1993 and reduce its working capital by 100 million pounds sterling in the housing section. About 300 jobs have been cut in 1992.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
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