{"id":1735,"date":"2019-01-03T09:54:20","date_gmt":"2019-01-03T09:54:20","guid":{"rendered":"https:\/\/cita.co.uk\/news\/?p=1735"},"modified":"2019-01-03T09:54:20","modified_gmt":"2019-01-03T09:54:20","slug":"clancy-docwra-hit-by-3-6m-loss","status":"publish","type":"post","link":"https:\/\/cita.co.uk\/news\/clancy-docwra-hit-by-3-6m-loss\/","title":{"rendered":"Clancy Docwra hit by \u00a33.6m loss"},"content":{"rendered":"

Civil engineering specialist Clancy Docwra suffered a \u00a33.6m loss last year due to higher operational costs on power sector work and challenges at its southern multi-utility businesses.<\/p>\n

The group’s infrastructure civils operation was also impacted by two significant\u00a0contractual disputes, which it hopes to resolve this year.<\/p>\n

Latest private company accounts published at Companies House also restated the previous 2017 year, from a breakeven position to a \u00a32.7m loss.<\/p>\n

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After a far-reaching\u00a0review, Clancy said it had now altered criteria on which it accepts new work to avoid excessive risk or tying up too much working capital.<\/p>\n

A round of senior management changes were\u00a0also completed three months ago with the appoint of\u00a0 Matt Cannon as new chief executive officer.<\/p>\n

Revenue remained static at \u00a3263m.<\/p>\n

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Joint chairman Kevin Clancy said the outlook for 2018\/19 was far more positive.<\/p>\n

He said: “We expect Clancy Docwra to return to profit and to generate positive cash flow.<\/p>\n

“Our performance in the first half of the year is in line with internal\u00a0expectations.<\/p>\n

“We started the year in a strong position with 97.6% of our projected turnover already secured from a total order\u00a0book of \u00a31.2bn.<\/p>\n

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“We are experiencing a surge in demand in the water sector\u00a0and anticipate that it will be sustained into the medium term driven by increased industry investment necessitated by challenging leakage reduction targets.<\/p>\n

“Since the year end, we are pleased to have renewed our funding arrangements, including securing long-term\u00a0banking\u00a0facilities.”<\/p>\n

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from Construction Enquirer http:\/\/bit.ly\/2LLsBqc<\/p>\n","protected":false},"excerpt":{"rendered":"

Civil engineering specialist Clancy Docwra suffered a \u00a33.6m loss last year due to higher operational costs on power sector work and challenges at its southern multi-utility businesses. The group’s infrastructure civils operation was also impacted by two significant\u00a0contractual disputes, which it hopes to resolve this year. Latest private company accounts published at Companies House also […]<\/p>\n","protected":false},"author":1,"featured_media":156,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[9],"class_list":["post-1735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-construction-enquirer"],"_links":{"self":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/1735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/comments?post=1735"}],"version-history":[{"count":1,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/1735\/revisions"}],"predecessor-version":[{"id":1736,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/1735\/revisions\/1736"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media\/145"}],"wp:attachment":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media?parent=1735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/categories?post=1735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/tags?post=1735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}