{"id":8944,"date":"2025-11-10T07:46:35","date_gmt":"2025-11-10T07:46:35","guid":{"rendered":"https:\/\/cita.co.uk\/news\/?p=8944"},"modified":"2025-11-10T07:46:35","modified_gmt":"2025-11-10T07:46:35","slug":"spencer-group-stays-on-growth-track-despite-5m-impairment","status":"publish","type":"post","link":"https:\/\/cita.co.uk\/news\/spencer-group-stays-on-growth-track-despite-5m-impairment\/","title":{"rendered":"Spencer Group stays on growth track despite \u00a35m impairment"},"content":{"rendered":"

Hull engineering specialist Spencer Group lifted turnover 15% to \u00a370m last year but booked a \u00a34.3m pre-tax loss after taking a one-off \u00a35.1m write-down on a legacy green-energy investment.<\/p>\n

Before exceptional items, the firm delivered a \u00a33.2m trading profit as strong project delivery and tight cost control boosted performance across its rail, bridges, energy and infrastructure divisions.<\/p>\n

The non-cash impairment related to Spencer\u2019s historic minority stake in Hull\u2019s Energy Works plant, which was sold by its main investors.<\/p>\n

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The plant has suffered technical issues, reducing electricity output. Resolving these issues required significant additional investment which the main investors declined to provide. As a result, the plant was sold to a third party, substantially reducing the value of Spencer’s investment.<\/p>\n

Spencer said the adjustment had no operational or cash impact on the business.<\/p>\n

Cash generation remained strong, swinging from a \u00a3600,000 overdraft to a \u00a34.5m year-end cash position.<\/p>\n

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Founder and executive chairman Charlie Spencer said: \u201cThe impairment is a one-off accounting adjustment with no cash consequence. Our operations remain profitable, cash-positive and well positioned for continued growth.\u201d<\/p>\n

Spencer group enters the new financial year with \u00a383m of secured work and a \u00a3300m pipeline. It also achieved a 50% tender win rate and secured three national frameworks.<\/p>\n

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from Construction Enquirer https:\/\/ift.tt\/WiFOvHo<\/p>\n","protected":false},"excerpt":{"rendered":"

Hull engineering specialist Spencer Group lifted turnover 15% to \u00a370m last year but booked a \u00a34.3m pre-tax loss after taking a one-off \u00a35.1m write-down on a legacy green-energy investment. Before exceptional items, the firm delivered a \u00a33.2m trading profit as strong project delivery and tight cost control boosted performance across its rail, bridges, energy and […]<\/p>\n","protected":false},"author":1,"featured_media":153,"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-8944","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\/8944","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=8944"}],"version-history":[{"count":1,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/8944\/revisions"}],"predecessor-version":[{"id":8945,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/8944\/revisions\/8945"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media\/149"}],"wp:attachment":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media?parent=8944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/categories?post=8944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/tags?post=8944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}