KPMG’s UK Head of Infrastructure, Construction and Building, Richard Threlfall, said: “The sharp pick up in employment levels is not only good news for the industry, it is good news for UK PLC and indicative of the strengthening of the economy overall and that confidence is back in the market.”
However, Mr Threlfall said the pick-up was still ‘sweet and sour’ for Tier 1s.
“Surge in output, especially in residential and commercial, is putting much needed volume into the industry, but Tier 1 margins remain under sustained pressure from rising input prices and subcontractor costs, and cash positions in many Tier 1’s remain acute.”
“KPMG continues to predict at least another 12 – 18 months before the pressures in the industry even out and Tier 1 management can start to breath easily again,” he added.
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Notes to editors:
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.