Strabag UK suffers further major trading losses

The contractor has been working on HS2 in the UK since securing the work in 2017, and established Strabag UK in 2020 to become its main operator here.

Last year, Strabag UK reported an operating loss of $17 million, after posting losses of $22 million in 2022 and $2 million the year before.

Sales nearly doubled to $135 million in 2023 as the Hartlepool concrete segment plant began full production.

Andrew Dixon, joint managing director of Strabag UK, said costs would continue to be high for the business as it now tries to gain a foothold in the building market following the appointment of key staff from the failed Buckingham Group.

He said: “In addition to our current capabilities in designing and building infrastructure projects and manufacturing concrete products in the UK, we have taken steps to enter the UK construction sector in the third quarter of 2023, completing the team following the collapse of Buckingham Group and bringing in existing Strabag staff. This complements this.

“We expect this new division to begin bidding for construction plans in early 2024 and deliver projects it has acquired from 2024.”

He said: “Because the company is a new entrant to the market, our activities in 2024 and 2025 will be disproportionately geared towards securing new work rather than balancing it with delivering the secured backlog.

“As a result of this unbalanced gearing, tender costs in 2023 and the next two years or so will be higher than for mature companies. Because the margins this investment will ultimately generate reflect a significant return on investment delay.

“This is the inherent nature of infrastructure markets with high entry costs.”

Strabag has been present in the UK since 2011 and made its first major foray in 2017 after securing major civil engineering work for HS2 with joint venture partners Skanska and Costain.

The joint venture is designing and building 48km of tunnels, including the Euston Tunnel and Approach and the Northolt Tunnel.

Soon after, in 2018, Strabag signed Anglo American's major tunneling project for a potash mine in North Yorkshire to deliver 37km of mineral transfer tunnels and associated infrastructure.

Strabag UK's staff numbers are now starting to surge, rising from 824 in 2022 to 1,400 last year.

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