Construction News

Fri August 07 2020

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January harvest sees Midas off to a flyer

30 Jan Regional contractor Midas Group is reporting a bumper crop of contract awards in the first month of 2020.

Chief executive Alan Hope
Chief executive Alan Hope

It has picked up more than £75m of new work this month, which for a £260m-turnover business represents a good start to the year.

Chief executive Alan Hope said there was "a clear uplift in confidence following 18 months in which the construction sector had been buffeted by political and economic uncertainty".

New wins include: two new hotels in Paignton, Devon, as part of a £30m investment in the area by Fragrance Group; phase one of the £10m Claylands Business Park, also in Paignton; and a £17.5m building and port infrastructure project for ABP Southampton.

Midas has also won a £4.7m regeneration scheme for Gloucester City Council, and is about to start on £30m-worth of residential and care home developments across Cornwall and Wiltshire.

Alan Hope said: “In addition to securing these new projects, we are also seeing new confidence and fresh impetus in several schemes where start dates had been extended and extended again, but which are now getting the green light and coming to site.

“Some of the slippage in project programming will be reflected in our revenue for 2019/20. However, we are well placed to manage these cycles and it is reassuring to start the year with clear visibility on a secured pipeline of work which will deliver growth in 2020/21.

“The most positive aspect is that this acceleration in customer activity is represented right across our business sectors and geographies, which suggests a much broader, sustainable change in sentiment within our industry and target markets.”

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