White Young Share Discussion Threads

[tonester30ccfc] 25/2/2009 11:25

Markie,

Indeed. The banking covenants will be an issue moving forward unless market conditions improve, a situation I believe to be highly unlikely in the short term at least.

A poor set of results, a worry about debt and a market with much reduced construction activity. Does not bode well

Tone

[markie7] 25/2/2009 07:22

no div, massive restructuring charge, potential forward breach of covenants. no impairment charge on all those deals though. dear oh dear.

[sleveen] 18/2/2009 14:41

HYC also reported job losses in its IMS last week.

[tonester30ccfc] 18/2/2009 13:48

Foster to cut one in four staff as workload falls
12 February, 2009

By Dan Stewart

Berlin and Istanbul offices close as architect makes 'painful decision' in face of cancelled projects

The practice of Norman Foster, perhaps the world's most successful architect, is to make approximately a quarter of its 1,300 employees redundant.

Foster + Partners has closed its offices in Berlin and Istanbul and is understood to have put up to 400 employees on notice of redundancy.

With a presence in more than 20 countries and a turnover of £142m, Foster was widely considered to be well placed to ride out the recession. But with a host of projects cancelled or put on hold, the practice has been forced to react. Sources close to the firm said that in total nearly a third of its 1,300 employees had been notified that their jobs were at risk.

Fosters confirmed that its Berlin and Istanbul offices would close at the end of March. It is understood this will mean the loss of 76 jobs in Germany and between 10 and 20 in Turkey.

The firm said it would downsize to "just under a thousand" staff.

Mouzhan Majidi, chief executive of Foster + Partners, said the redundancy consultation had been a "very painful decision" to make. He said: "This decision has been the hardest for me in my career, given the wealth of talent we continue to attract."

The move is a sobering illustration of how far the architectural industry has sunk since October, when Foster publicly vowed not to lay off staff. Architects across the UK are making severe staff cuts in order to control costs as the recession cuts swaths in forward order books. The Office of National Statistics revealed last week that architecture was the fastest-growing sector in terms of new claimants seeking benefits.

Government statistics say 48,000 construction workers were made redundant in the final quarter of 2008. Atkins this week announced it would cut 1,000 job – 5% of its global workforce.

[tonester30ccfc] 18/2/2009 13:22

Engineers next....




QSs losing jobs faster than any other profession
9 February, 2009

By Olivia Boyd

Numbers from the profession joining dole queue quintupled from a year ago

Quantity surveyors are joining the dole queue faster than any other profession, according to government figures.

Members of the profession on benefit soared to 590 by December 2008, almost five times more than a year previously.

Architects came a close second, with the number out of work and claiming job-seekers' allowance up 432% on 2007 to 1,490.

Construction managers also fared poorly. More than 4,000 were on the dole by the end of last year, up from 785 in late 2007.

More than 1.1m people were out of work and claiming benefits by the start of December last year. Unlike previous recessions, middle class professionals are thought to be among the groups hardest hit by job losses.

Unemployment figures out on Thursday are expected to show the number of people claiming benefits rose by a further 89,000 during December.

[tonester30ccfc] 01/2/2009 20:02

Gleeds cuts pay 12.5% – but partners still draw profits
30 January 2009

By Emily Wright, Olvia Boyd

Consultant takes action 'to prevent office closures and job cuts', as Mace reviews all staff positions

Staff at Gleeds are facing heavy salary cuts, as firms resort to even more drastic measures to slash costs during the recession.

The cuts, which will reduce salaries by up to 12.5%, emerged as contractor Mace told its 3,000 employees that their positions would be reviewed in March, with no guarantee of employment beyond then.

Gleeds sent a letter to all its 1,000 members of staff on Wednesday announcing the imminent pay cuts, but it did not follow the example of rivals such as Davis Langdon and prevent partners from drawing profits.

The letter said the move would help prevent office closures and reduce redundancies. It said it had to find ways of "hanging on to good people" as clients were concerned that further job losses could lead to a deterioration in services. About 90 staff have been axed from the firm over the past six months.

Richard Steer, Gleeds' senior partner, said: "Challenging times deserve drastic measures and implementing a salary reduction is a proactive way of ensuring we can keep our talent."

Earlier this month it emerged that Davis Langdon had suspended partners' drawings and Gardiner & Theobald had "slowed them". Gleeds said: "Partner drawings are always prudent and reflect levels of profit. They will continue but are always subject to review."

Other cost consultants are said to be considering offering sabbaticals and four-day weeks, while Rider Levett Bucknall is considering pay cuts.

There is a division of opinion among consultants as to the best HR policy. One said: "If it's a choice between a smaller team on full pay and a 100% disgruntled workforce, I know what I'd pick."

Mace has notified its 2,700 workers that redundancies could be made after a business review in March.

A spokesperson for the contractor said: "Anyone affected will be contacted directly in March, but nobody needs to worry in January or February."

Mace made 85 redundancies at the end of last year across its UK and UAE businesses and all salaries greater than £45,000 have been frozen until August. The company has made the avoidance of further job cuts conditional on hitting £700m turnover by the end of the year.

[neilrr] 31/1/2009 18:34

What a bad week for WHY - down from 60.5p to 46.5. How low will it go?

[cleopatrax] 30/1/2009 14:46

I believe WHY may have a good future but in the current climate how can one argue against £68m of debt for a company capitalised at £25m?

[onlythebest2] 29/1/2009 16:36

Firms announced for £45 billion schools scheme - by Ben Hall 12 Jan 2009


The firms selected for a new framework helping to deliver the £45 billion Buildings Schools for the Future (BSF) have been announced by delivery body Partnership for Schools (Framework)

The 18 firms will be part of the Technical Advisory Framework which has taken on the services previously covered by the Technical Adviser Framework and the Programme and Project Management Framework.

The four new frameworks being established by PfS will help local authorities choose the right private sector partner to work with them to rebuild schools or construct new high quality facilities.

The eighteen firms will provide technical advisory services with 13 of them also being able to act additionally as Lead Adviser.

The members of the new Technical Advisory Framework are listed below potential lead advisers are denoted with an asterisk.

Framework firms: Capita, Currie & Brown, Cyril Sweett, David Langdon, EC Harris*, Entec UK, Faber Maunsell*, Faithful & Gould*, Gardiner & Theobald*, Gleeds*, MACE*, Mott MacDonald*, Mouchel*, Navigant*, Ove Arup*, Turner & Townsend*, White Young Green and WSP*.

Tim Byles, Chief Executive of PfS said: "It is nearly four years since PfS launched the adviser frameworks, and over this time we have seen the importance of being able to recommend well-informed professional support which is committed to the objectives of the BSF programme, whilst also guaranteeing competitive rates and value for taxpayers' money.

"This new framework - combining Technical and Project Management advice - provides flexibility for local authorities to get the right support for their particular needs.

"Also with the addition of the Lead Adviser role in both the Technical and Financial frameworks Authorities have increased choice for this service.

"There are some new firms amongst the members of this new framework, as well as those which were included on the earlier frameworks.

"Collectively, they will provide efficient access to consistent, high quality advice, and help local authorities to make their BSF vision a reality."

Source:

[rik shaw] 16/1/2009 18:57

Interesting link -talk of private equity interest:

[chrisjg] 10/1/2009 05:51

Topped up with another 3k of these yesterday - averaging in at around 117p long way to get back but happy for the longterm potential. Also could not resist my old favourite WSH at 180p.

all the best and happy trading Chrisjg

[aspex] 08/1/2009 18:42

neilrr,
OK but he did not do that by himself.
I accept that he may have contributed by not taking the Irish market into account seriosly enough.
He could do worse but looking at recent statements, the company has a good order book in many of the right places.
Is he as much a victim as a contributor?

[neilrr] 08/1/2009 13:31

aspex - 6 Jan'09 - 22:44 - 143 of 145

1) What did the CEO do to be replaced?
2) Is the new one going to do better?

1) Ran the share price down frm 400+ to 60p.
2) Could he do much worse?

[onlythebest2] 08/1/2009 13:15

just bought into this stock, small holding of 31,500 shares.

it's just a matter of time for this rise !

[lonrho] 07/1/2009 14:18

looks like it was planned for a while because they didn't need a chief executive officer and a chief operating officer who they took on in july last year, will be a good cost saving.

[aspex] 06/1/2009 22:44

What did the CEO do to be replaced?
Is the new one going to do better?

[aspex] 24/12/2008 07:13

Like a number of other businesses this one is being killed by sentiment.
Allow a significant reduction in profits and we still have:
1. A massive dividend cover
2. PE exceptionally low
3. PSR that is ridiculously low
To be patient and a buy as it rises through 70p will see it go back to a great price.
The question is "How long?"

[tonester30ccfc] 23/12/2008 08:49

2009 will be hugely distressful for those in the construction industry.

When contractors working on the Olympics are given preferential treatment, you know things are bad:

[neilrr] 23/12/2008 08:45

"Long on this from monday."

Why?

[ok,yah] 18/12/2008 10:46

Long on this from monday.. let the shorters burn!

[tonester30ccfc] 17/12/2008 15:06

WSP slashes 500 jobs
16 December, 2008

By Olivia Boyd

Consultant cuts 5% of workforce as international orders falter

Consultant WSP has made around 500 job cuts across its global business – around 5% of its total workforce.

The firm said it had reduced headcounts around the world as the economic crisis takes its toll on its international business.

A spokesman said: "We are working in 40 countries around the world and there are redundancies spread around those 40 countries."

Around 100 of the cuts are thought to have come from the firm's UK operations.

The news follows this morning's year-end trading update from WSP, in which it confirmed its order book had dropped by 5% in the past six months.