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Kevin Beaston
Kevin Beaston is a clear winner. He lost the big tanker bid, but seemed to win everything else. Serco’s business development performance is incredibly impressive and it has even started to rationalise its overheads. It’s not always easy for the rest of us to understand just what Serco does and where it’s going, but the shares are up 50% in the year.
Sir John Gains
Sir John Gains reported headline profits up 37% but saw Mowlem’s shares fall 20p. It was good to see Mowlem cashing in its PFI stakes; Sir John is ahead of the curve on this. But this hides lacklustre underlying growth. Margins on Mowlem’s construction activities are not increasing; those of its peers who do less exciting projects are. The City can be ungrateful.
Ian Grice
Ian Grice will know how Sir John feels. McAlpine’s growth was good and its margins are among the best in the sector. But the shares have gone nowhere for six months. The proceeds from the sale of housebuilding appear to have been deployed well but there’s still £60m or so of cash left. McAlpine will surely get a chance to spend again this year.
Steven Norris
Steven Norris is not having the best year. Jarvis is a mess and, in his other job, he didn’t notice that the congestion charge is a big success. Capita (and suppliers such as Northgate IS) will have the last laugh. Atkins, Bechtel and others enjoying the profits of the tube deals might not want to vote for Ken Livingstone but plenty of others probably will.
Tom Coates is a Partner of Credo.
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