{"id":529327,"date":"2025-09-25T11:22:56","date_gmt":"2025-09-25T10:22:56","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=529327"},"modified":"2025-09-25T11:22:56","modified_gmt":"2025-09-25T10:22:56","slug":"cn100-2025-cultivated-growth","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/sections\/long-reads\/cn100-2025-cultivated-growth-25-09-2025\/","title":{"rendered":"CN100 2025: Cultivated growth"},"content":{"rendered":"

The UK\u2019s top 100 contractors have delivered a striking financial reset following years of turmoil, Construction News<\/em> can reveal. Our latest CN100 analysis reveals a 3.7 per cent aggregate rise in revenue compared with last year\u2019s rankings. But it\u2019s the dramatic resurgence in aggregate pre-tax profit that stands out: it almost doubled to \u00a31.92bn, lifting the aggregate average margin above pre-pandemic levels to hit 2.7 per cent. Aggregate pre-tax profit in this year\u2019s index soared by a far more impressive 92 per cent, helped by strong performances from large tier ones such as Skanska, which broadened its margin from 2 per cent to 6 per cent.<\/p>\n

This financial strengthening reflects not just inflation-driven top-line growth but also improved operational discipline. Many firms paid down debt, built up their cash piles, and leaned into workforce expansion in the confident expectation of projects to come. \u201cThe horizon is much clearer,\u201d says Chris Davies, managing director of DRS Bond Management. \u201cClients now have longer-term, higher-quality order books.\u201d<\/p>\n

Some firms have stumbled \u2013 most notably ISG, which collapsed last September \u2013 but the prevailing successful contractor mantra throughout 2024 was \u201csurvive to 25\u201d, he adds.<\/p>\n

\"\"<\/p>\n

Strong governance has played an \u201coutsized role\u201d in some contractors\u2019 success, says Laura Capper, head of construction and engineering at NatWest, without mentioning any firms by name. But other analysts say that leadership changes do seem to have driven dramatic improvements at firms like Laing O\u2019Rourke, which updated its accounts twice since the previous CN100. The UK\u2019s largest privately owned contractor bounced back into the black in its 2023\/24 financial year and doubled its profit and margin in its latest results. Singh says the tier one contractor\u2019s turnaround reflects better governance and \u201cmore consistent project delivery\u201d.<\/p>\n

Strong control also resonates resonates in the performance of firms like Caddick Group, which posted a 4.8 per cent margin \u2013 almost double the CN100 average. Managing director Paul Dodsworth attributes this to sharp internal focus. \u201cWe took a disciplined approach to contracting and development,\u201d he says.<\/p>\n

Yet challenges endure. Margins remain razor-thin for many firms and wage inflation is a worry \u2013 while cash at hand is up, so too are payroll costs.<\/p>\n

So how are firms in the CN100 balancing risk, reward and resilience? Which firms are thriving, which are just surviving, and what are their prospects?<\/p>\n

The CN100 list is based on annual audited accounts filed up to 4 August and covers periods ending 30 September 2023 at the earliest to 31 March 2025 at the latest. Beneath the headline surge in profitability across the UK\u2019s top 100 contractors lies a story of discipline rather than buccaneering dynamism.<\/p>\n

\"\"<\/p>\n

The fact that profits accelerated ahead of turnover growth reflects a sector reining in ambition and instead focusing on commercial clarity, liquidity and risk, say industry insiders. There has been \u201ca clear shift away from a focus on price\u201d, says John Wilkinson, chief operating officer at Bam UK & Ireland. \u201cToday, factors such as innovation, social value, sustainability and long-term relationships play a much greater role for contractors, clients and the wider supply chain.\u201d<\/p>\n

Big hitters<\/h3>\n

The main change in this year\u2019s top 10 is the absence of ISG (sixth in last year\u2019s table), with Amey moving up a place to the tenth spot. ISG\u2019s high-profile failure has spawned business opportunities as the firm\u2019s erstwhile rivals pick up unfinished design-and-build or fit-out jobs in sectors such as prisons, schools and life sciences.<\/p>\n

Morgan Sindall remains in the silver medal position, albeit almost \u00a33.7bn behind runaway leader Balfour Beatty. \u201cMorgan Sindall benefits from high job volumes across sectors, including a very healthy fit-out division,\u201d says Mani Singh, risk and surety adviser at Tryg Trade.<\/p>\n

Most of the top 10 firms hold places on public-sector frameworks in regulated sectors such as water and energy, driving their revenue growth. These companies \u201chave generally outperformed those more reliant on commercial or speculative development\u201d, notes Capper. \u201cA balanced portfolio has helped spread risk and stabilise cashflow.\u201d<\/p>\n

The 22 firms in this year\u2019s table with turnover of more than \u00a31bn saw their average revenues grow by 5.6 per cent \u2013 almost half the 11.1 per cent average posted by the firms lower down the list. However, their average margin was 3 per cent \u2013 higher than the other CN100 firms\u2019 2.6 per cent.<\/p>\n

\u201cTop contractors have learned lessons from past difficulties,\u201d says Davies. \u201cIt\u2019s fair to say that the top 20 were the first ones to suffer when things went badly, and they\u2019re the first ones to come out the other side. They\u2019ve got prime mover advantage \u2013 and their scale dictates that there are certain jobs that only they can do.\u201d<\/p>\n

The performance of the biggest firms could be underpinned by the volume and sheer scale of infrastructure schemes underway, Singh says.<\/p>\n

Wilkinson notes the benefits of consistency and predictability from the government\u2019s investment plans for infrastructure, energy, transport, defence and education. He praises the \u201ccertainty\u201d afforded by the government\u2019s 10-year infrastructure strategy with \u00a3725bn of investment, noting the shift away from \u201cshort-term planning constrained by political cycles\u201d.<\/p>\n

\"\"<\/p>\n

But he is still wary of inherent risks in the sector. \u201cDelivering infrastructure, schools and hospitals is complex,\u201d he says. \u201cAs an industry, we take on substantial risks while operating on very tight margins. To ensure the long-term sustainability of our sector, we must fundamentally rethink how risk is shared. Successful partnerships depend on clear, fair and balanced risk allocation.\u201d<\/p>\n

Given the complexity of large infrastructure jobs, clients will \u201cunderstandably lean on those companies holding a stronger risk profile through the balance sheet\u201d, Singh says. \u201cNaturally, this lends itself to the larger top-tier names.\u201d<\/p>\n

Profit<\/h3>\n

Aggregate pre-tax profit across all 100 firms almost doubled in this year\u2019s table, with 21 contractors seeing this metric rise by more than 100 per cent. Even if outliers are removed \u2013 like Sir Robert McAlpine, which rebounded from a massive deficit and was one of seven loss-making firms from last year\u2019s index to post a profit this time around \u2013 Davies notes that \u201cthe underlying trend is still for significant growth\u201d.<\/p>\n

The sharp rise in overall profitability is closely tied to firms completing legacy fixed-price lump sum contracts, and a more selective approach towards bidding for new work.<\/p>\n

\u201cA lot of contracting businesses just pulled the reins back,\u201d says Kelly Boorman, national head of construction at RSM UK, as they focused on pursuing margin-generating jobs.<\/p>\n

The aggregate average profit for companies in the \u00a31bn-plus-turnover bracket surged by 81 per cent. Meanwhile, firms in the \u00a3500m to \u00a31bn range saw their profits rise more modestly \u2013 by 17 per cent on average. \u201cA number of them have struggled with supply chain delivery and complexities in public procurement,\u201d Boorman explains.<\/p>\n

Six of the 14 loss-making contractors were in the red despite higher revenue. Sisk, for instance, posted a \u00a39.7m pre-tax loss despite a 35 per cent increase in turnover to \u00a3475m. In all, 16 contractors saw profits slide despite higher revenue.<\/p>\n

Davies points out that much of the Covid loan assistance has tapered away for mid-tier contractors, leaving them with tighter liquidity. \u201cIt\u2019s not a criticism of management of senior leadership teams in those businesses, but it\u2019s fair to say that a number of them have been through challenging times and are still coming out the other side, more slowly than the top 20.\u201d<\/p>\n

Sub-\u00a3500m-turnover companies in the CN100 boosted their bottom lines by an aggregate average of 11 per cent, which Capper says reflects an agile response to market conditions that has allowed them to focus on margin-positive work while avoiding the trap of overextension. \u201cTheir smaller size has enabled them to avoid some of the cost traps and legacy issues affecting [some] larger firms,\u201d she says.<\/p>\n

This bracket includes firms that have developed a sector specialism. A specialised model \u2013 as opposed to a diversified strategy \u2013 can result in better control of projects, says Singh, given the reliance clients place on these firms for their expertise.\"\"<\/p>\n

Margin<\/h3>\n

The aggregate average margin increased in this year\u2019s index, and 69 contractors posted an improvement. According to Davies, that was largely down to more use of two-stage tenders and clients being \u201creasonably accommodating\u2026 of contractors actually making a pound note for a change\u201d, in the interests of \u201cgetting things built\u201d. In his view, the dynamic allowed some firms \u201cto quietly achieve margins that they would only dream of in ordinary market conditions\u201d.<\/p>\n

But dig a little deeper, and we see a more nuanced picture. Only five firms could boast a double-digit percentage margin, for example. Slim returns remained the norm for the majority \u2013 55 companies in this year\u2019s CN100 posted below the aggregate average figure or negative numbers and 28 firms saw their margins broaden by under 1 per cent.<\/p>\n

Tilbury Douglas recorded a 1.6 per cent margin in 2024, up from 0.6 per cent the year before. Chief executive Craig Tatton says: \u201cOur improvement in margin is a direct result of the increasing proportion of projects won and delivered through our focused and disciplined approach to project selection and risk management, as well as the close out of old \u2018legacy\u2019 projects.\u201d<\/p>\n

The profit margin improvement in this year\u2019s table signals an industry growing more confident in its ability to protect margin without chasing turnover for turnover\u2019s sake.<\/p>\n

\u201cWe have a focused strategy around the public and regulated sectors,\u201d Tatton says, noting how health, education and defence frameworks are drivers of secure workload.<\/p>\n

That strategy also informed turnover growth, with Tilbury Douglas reporting a 5.2 per cent increase \u2013 outpacing the CN100 aggregate average. \u201cContinuous improvements in delivery have yielded improved KPI performance within our frameworks and therefore increased work allocation,\u201d Tatton says.<\/p>\n

So how else are contractors protecting thin margins? Singh points to the availability of flexible bank borrowing via revolving credit facilities, as well as access to physical assets such as plant and property that can be sold if necessary without impacting day-to-day operations. But there\u2019s an important human factor too, as he says experienced commercial managers within a company have a \u201cmassive\u201d role to play.<\/p>\n

\"\"<\/p>\n

\u201cTheir experiences from previous jobs, challenges and understandings around market dynamics are invaluable where the thin-margin nature of construction means a few jobs not performing as expected can lead to material trading deterioration.\u201d<\/p>\n

Boorman says many legacy contracts closed in the last quarter of 2024 that \u201cprobably didn\u2019t have the level of revenue versus the time it took to get them to final completion\u201d, affecting bottom-line margins for some firms.<\/p>\n

Capper similarly notes that many mid-tier contractors were \u201cstill working through challenging projects won in tougher times, with cost overruns biting into profits\u201d.<\/p>\n

She points to strong procurement discipline, commercial selectivity and tighter cost control as common traits among the most successful contractors. \u201cStrong performers have tightly managed overheads, improved procurement strategies, and exercise selective bidding \u2013 prioritising projects with healthy risk-adjusted returns rather than chasing volume.<\/p>\n

\u201cThis focus has helped protect margins despite persistent inflationary pressures\u2026 avoiding the race to the bottom on pricing and maintaining better control over contractual exposure.\u201d<\/p>\n

Firms in the sub-\u00a3500m turnover band \u201ctend to be privately owned and arguably well run\u201d, Davies says. \u201cThey tend to take a longer term view on things. They tend to be less aggressive in terms of tendering [than bigger contractors]. Guys operating in that [sub-\u00a3500m] space have got a brand, and it\u2019s usually well known.<\/p>\n

\u201cBut they have lower overheads. They have smaller estimating departments, but they tend
\nto be more focused, if you like, than a larger general contractor.\u201d<\/p>\n

Cash and debt<\/strong><\/h3>\n

Net cash held by the CN100 rose by 15 per cent from \u00a35.4bn to \u00a36.2bn, while aggregate borrowings increased by 24 per cent from \u00a34.5bn in last year\u2019s index to \u00a35.6bn. Total cash holdings across the 100 companies increased from \u00a39.9bn in 2024\u2019s CN100 to \u00a311.78bn this time around \u2013 a 19 per cent increase. This indicates some strengthening of liquidity even though aggregate debt grew faster than cash. \u201cFirms have learned that they got caught the wrong side of Covid with relatively modest bank balances\u2026 and [now] keep more money in the business, just in case,\u201d says Davies.<\/p>\n

An emphasis on capital strength, cashflow and risk-aware delivery was consistent across the best-performing CN100 companies. \u201cThe firms that improved cash and margins were those that avoided the race to the bottom,\u201d Boorman says. \u201cThey managed risk, protected their workforce, and stayed laser-focused on programme delivery.\u201d<\/p>\n

That said, cash doesn\u2019t always equate to resilience. Davies points out that cash tied up in long-term investments could be difficult to redeem if rates of return worsen. And if a more aggressive bidding environment returns, \u201cyou\u2019re probably going to see higher preconstruction costs and higher costs of delivery\u201d.<\/p>\n

Unsurprisingly, the biggest cash balances were held by the largest firms \u2013 only five of the \u00a31bn-plus-turnover companies eroded their liquidity. Balfour Beatty saw its cash grow from \u00a31.41bn to \u00a31.56bn, while it increased its borrowings from \u00a3836m to \u00a3950m in its latest financial year.<\/p>\n

That pattern \u2013 building cash reserves even if borrowings rise \u2013 suggests the largest contractors have prioritised liquidity, either as a buffer against market uncertainty or to help fund ongoing projects. This is also true for mid-range contractors like Caddick. \u201cCash is king,\u201d says Dodsworth. \u201cWe are happy for it to sit there and strengthen our balance sheet.\u201d<\/p>\n

Overall, contractors now have a deeper cushion to withstand market shocks or delayed payments, a critical factor in an industry where thin margins and project delays can quickly erode finances. The firms holding cash are giving themselves headroom, says Boorman. \u201cThey want to stay agile for when opportunities arise, and they don\u2019t want to overextend just to chase growth.\u201d<\/p>\n

At Tilbury Douglas, cash retention has gone hand-in-hand with targeted investment. \u201cSurety of payment from our clients is an essential part of our project selection,\u201d says Tatton. \u201cThis, combined with our focus on agreeing sensible payment terms upstream, makes a real difference.\u201d<\/p>\n

A total of 13 firms are in a net debt position \u2013 two fewer than in last year\u2019s CN100. One of them is United Living, with a sixfold increase in borrowings to \u00a3229m. Portakabin more than doubled its borrowings for the second year in a row, and Mace increased its bank loan and overdraft debt by 80 per cent. More noticeably, 60 of the firms in this year\u2019s table held no bank loan debt or overdrafts at all. Nine paid down all their debt, and 19 others reduced it.<\/p>\n

Almost a quarter of CN100 firms felt comfortable enough to pay out higher shareholder dividends \u2013 a combined \u00a3665.3m versus \u00a3496.1m in last year\u2019s CN100, or a 34 per cent increase. Vinci led the way with a \u00a3135m payout from its Eurovia subsidiary. Balfour Beatty (\u00a361m) and Morgan Sindall (\u00a356.1m) also posted robust distributions, with the latter increasing its payout by \u00a38m.<\/p>\n

But 48 firms in this year\u2019s list paid out no dividends at all. While some firms confidently rewarded investors, others pulled back, perhaps to preserve cash or reinvest in operations.<\/p>\n

Labour<\/h3>\n

Alongside strong profit and liquidity numbers, average profit per employee rose from \u00a314,648 to \u00a317,240 among the firms in this year\u2019s CN100. But average turnover per employee decreased from \u00a3627,233 to \u00a3623,987. Aggregate headcount increased by 3 per cent (up from 198,737 to 204,669 staff), although the top 20 only increased their combined workforce by 1 per cent. \u201cThere\u2019s been an element of \u2018hold on to a bit more labour for a bit longer\u2019,\u201d Boorman explains, noting how some firms have retained workforce capacity in anticipation of future pipeline growth that hasn\u2019t yet materialised.<\/p>\n

Davies concurs, saying that carrying excess staff amid project delays has hit profits. And Capper notes: \u201cContractors need to balance workforce retention with pipeline visibility and may need to adopt more flexible hiring models.\u201d<\/p>\n

Tilbury Douglas added a monthly average of 32 staff to its payroll last year, and Tatton notes that workforce expansion \u201cis currently at slightly below business growth as new [digital] tools and systems come on line and enhance productivity\u201d.<\/p>\n

CN100 firms paid their employees \u00a363,269 on average compared with \u00a361,982 the year before. This equates to wage inflation of 2 per cent, compared with 3 per cent in last year\u2019s CN100, significantly below the headline rate of inflation.<\/p>\n

A total of 18 firms raised their wages by 10 per cent or more. And with labour markets tightening amid construction\u2019s well-known skills shortage, Boorman says that upward pressure on wages is expected to continue.<\/p>\n

Looking ahead<\/h3>\n

Contractors face growing cost pressures from the employers\u2019 national insurance contribution rise and the increase in the National Living Wage, both of which kicked in from April 2025 \u2013 after the period covered by CN100 firms\u2019 latest accounts. And while there are attempts to unblock the gateway two approvals bottleneck for high-risk buildings, the problem may still affect residential construction specialists in their next set of accounts. \u201cI think the biggest risk in 2025 now is execution risk, with delays in project starts,\u201d Davies says.<\/p>\n

Material price inflation has stabilised \u201cand there are early signs of workload recovery, particularly in publicly funded sectors\u201d, adds Capper, but contractors must still confront labour shortages, planning delays and \u201ccautious\u201d private sector investment.<\/p>\n

Many firms are unable to pass on higher labour costs because they are locked into fixed-price contract structures, says Boorman. And Davies points out that clients are tending to revert to their old habit of putting out single-stage tenders, which are more likely to put pressure on margins than two-stage contracts. In August 2025, a supplier engagement notice from the Southern Construction Framework,
\nfor example, noted a decline in client demand for two-stage tenders.<\/p>\n

\u201cPeople will tender for short single-stage \u2018bullet\u2019 tenders, as I call them,\u201d says Davies. \u201cAnd the bullets very rarely are golden. They\u2019re usually made of some nasty substance.\u201d<\/p>\n

Although there was just one high-profile M&A deal in the CN100 data collection period this year with Vinci\u2019s acquisition of FM Conway, market analysts predict further activity. \u201cThere is an interest from investors, especially in facilities management and affordable housing,\u201d says Boorman. \u201cThere will be some fire sales as well\u2026 and private equity firms have the cash [to buy].\u201d<\/p>\n

Singh believes that specialisation among firms lower down the CN100 table could attract M&A interest. \u201cAs more top 100 names focus on becoming specialists in specific sectors \u2013 if it\u2019s seen as complementing or strengthening the offering \u2013 could we see some M&A activity from larger contractors? Vinci\u2019s purchase of FM Conway this year sits nicely alongside its existing Eurovia and Ringway divisions, for example.\u201d<\/p>\n

And the government\u2019s infrastructure push could mean that UK contractors are ripe for acquisition by foreign firms. Singh says the scale of investment outlined in the National Infrastructure and Service Transformation Authority pipeline, especially in infrastructure and sustainable energy production, \u201cwill surely attract interest globally from construction names who hold sizeable, related schemes in their portfolios\u201d.<\/p>\n

Some overseas firms outside the top 100 \u2013 such as Strabag and ACS Group firm Hochtief \u2013 have established a presence in the UK construction sector via joint ventures and \u201cmay look to kick on\u201d into the civils sector, he adds.<\/p>\n

Davies believes it will be \u201cnot impossible but more difficult\u201d for contractors to repeat their profit growth. \u201cI would say that in the past three to four months, we are seeing employers and employers\u2019 agents reimposing challenging contract terms [and] more challenging bond wordings,\u201d
\nhe adds.<\/p>\n

Premium CN <\/em>subscribers can view and manipulate the full CN100 dataset from 2018 to 2025\u00a0<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The UK\u2019s top 100 contractors have delivered a striking financial reset following years of turmoil, Construction News can reveal. Our latest CN100 analysis reveals a 3.7 per cent aggregate rise in revenue compared with last year\u2019s rankings. But it\u2019s the dramatic resurgence in aggregate pre-tax profit that stands out: it almost doubled to \u00a31.92bn, lifting …<\/p>\n","protected":false},"author":135716,"featured_media":529389,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[78193,79553,552,559,526],"tags":[],"class_list":["post-529327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-data","category-features","category-financial","category-long-reads","category-contractors"],"yoast_head":"\nCN100 2025: Cultivated growth | Construction News<\/title>\n<meta name=\"description\" content=\"The UK\u2019s top 100 contractors have delivered a striking financial reset following years of turmoil, Construction News can reveal. 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