Getting your own back
Article Abstract:
John Mowlem Construction submits all potential clients to stringent financial checks before accepting contracts. The company will refuse medium sized projects if there is risk of not being paid. On larger projects, it insists on safeguards such as retention money placed in trust accounts, direct payment from bankers and secured deposits. Mowlem's financial department also checks public sector clients to ensure they have the authority to pay for work. Late payment is countered by a tough attitude and, while the company is not free of bad debts, it believes its safety measures are worthwhile.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1992
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Barclays economic forecast
Article Abstract:
The prospects for the construction industry in 1992 and 1993 are mixed, according to Barclays Bank's most recent quarterly economic forecast. A modest rise in sales volume is forecast in the housebuilding sector, and this will boost the gross financial position of most housebuilders. In the contracting sector however, output is not expected to grow until well into 1993, and profit margins are under great pressure. The number of bad debts in the construction industry is forecast to stay at a high level until at least mid-1993.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
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