{"id":473819,"date":"2023-02-08T12:27:57","date_gmt":"2023-02-08T12:27:57","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=473819"},"modified":"2023-02-08T12:27:57","modified_gmt":"2023-02-08T12:27:57","slug":"tilbury-douglas-profit-drops-despite-fixing-interserve-efw-legacy","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/contractors\/tilbury-douglas\/tilbury-douglas-profit-drops-despite-fixing-interserve-efw-legacy-08-02-2023\/","title":{"rendered":"Tilbury Douglas profit drops despite fixing Interserve EfW legacy"},"content":{"rendered":"

Tilbury Douglas has resolved all of the energy-from-waste (EfW) issues that helped push Interserve into administration.<\/p>\n

In newly released accounts for the year to 31 December 2021, the contractor said it had made \u201cconsiderable progress\u201d in 2020 and 2021 in settling historic disputes and completing all of the problem contracts within its infrastructure business. \u201c[We achieved] full exit from and resolution of legacy energy-from-waste contracts,\u201d it said.<\/p>\n

The move means Tilbury Douglas\u2019s infrastructure business is now in a \u201cstable position\u201d, with a focus that is \u201cfuture-facing rather than retrospective,\u201d the firm added.<\/p>\n

Tilbury Douglas, formerly Interserve Construction, split from the Interserve Group in June 2022.<\/a> Interserve Group was formed in March 2019 after Interserve plc shareholders voted down a deleveraging plan, resulting in its subsidiary companies being sold to the group\u2019s lenders in a pre-pack administration. Tilbury Douglas is still owned by Interserve Group shareholders.<\/p>\n

The \u00a31bn-plus turnover company had been rocked by problem contracts<\/a> in the EfW sector, including costs in its Glasgow plant hitting \u00a3250m in 2018<\/a>.<\/p>\n

Another recently concluded Interserve legacy concerned a \u00a323m dispute with Northumbrian Water over a delayed water treatment centre job in the Tyne Valley. Tilbury Douglas and its JV partner Doosan Enpure were ordered to pay more than \u00a322.5m in November 2022, after failing to get the dispute thrown<\/a> out of court.<\/p>\n

The accounts show that in 2021 Tilbury Douglas\u2019s pre-tax profit nearly halved from \u00a315.5m to \u00a38.3m, on a turnover that had increased from \u00a3327.3m to \u00a3446.9m. It did not state the reason for the falling profit, but did say that it spent \u00a32m on restructuring the business after it left the Interserve Group.<\/p>\n

\u201cAt the end of 2021 Tilbury Douglas had stabilised, restructured, rebranded and begun to rebuild its order book with improved efficiency, better resilience and reliable performance,\u201d it said.<\/p>\n

Tilbury Douglas now focuses on three main areas: regional building, fitout and infrastructure.<\/p>\n

Within its regional building business, it has completed nearly all of the legacy projects from the days of Interserve, with one set to be completed early this year.<\/p>\n

Its regional building business in the South East is now \u201cclosely following the business strategy\u201d of working in core sectors and frameworks.<\/p>\n

Fitout has also been integrated into its regional building business.<\/p>\n

In October, the firm\u2019s chief executive Paul Gandy told Construction News<\/em> that Tilbury Douglas had left the London market as well as the EfW sector, arguing that it was not \u201cgeared up to be a big residential contractor<\/a>\u201d. He added: \u201cOur business plan boils down to ‘sticking to our knitting’.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Tilbury Douglas has resolved all of the energy-from-waste (EfW) issues that helped push Interserve into administration. In newly released accounts for the year to 31 December 2021, the contractor said it had made \u201cconsiderable progress\u201d in 2020 and 2021 in settling historic disputes and completing all of the problem contracts within its infrastructure business. \u201c[We …<\/p>\n","protected":false},"author":90643,"featured_media":467049,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[552,534],"tags":[],"class_list":["post-473819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial","category-tilbury-douglas","issue-online-news"],"yoast_head":"\nTilbury Douglas profit drops despite fixing Interserve EfW legacy | Construction News<\/title>\n<meta name=\"description\" content=\"Tilbury Douglas has resolved all of the energy-from-waste (EfW) issues that helped push Interserve into administration. 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