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20.10.2008
DORIN CONSTRUCTION » New Contract Awards Read More »
20.10.2008
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20.10.2008
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20.10.2008
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20.10.2008
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20.10.2008
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01.05.2008
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01.05.2008
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01.05.2008
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01.05.2008
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01.05.2008
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29.03.2008
GENERAL » Dorin Construction is on the Right Track with Second Nexus Contract Read More »
25.02.2008
GENERAL » Key Appointments Strengthen Dorin Construction Board Read More »
19.02.2008
GENERAL » Tynedale Members Visit Hexham's £3m Regeneration Scheme Read More »
02.01.2008
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02.01.2008
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02.01.2008
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06.12.2007
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06.12.2007
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06.12.2007
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06.12.2007
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06.12.2007
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25.04.2007
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25.04.2007
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25.04.2007
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25.04.2007
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19.12.2006
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19.12.2006
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15.08.2006
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15.08.2006
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GENERAL
Trading Update
In my last update during May of this year I pointed out that the global and domestic economic picture had deteriorated, unfortunately this picture has continued throughout the year and recently the government was required to inject £50 billion pounds into the banking system in the UK, the US Treasury has introduced its own bail out for the banking sector and European Banks have also been the subject of bail outs. In addition in a coordinated attempt to stop a global slowdown 6 central banks cut interest rates by 0.5%.
None of this is good news for anyone in any line of business, however, coming on top of the housing slowdown the overall picture for the UK construction sector looks extremely tough for the next 12 months.
We do not take these factors lightly, many businesses will be caught out by the speed and severity of the change in the UK’s fortunes, however, I do not believe that we are one of them. For the past few months the directors have been monitoring order levels, productivity and profitability across our business streams. We have planned for and in some instances implemented measures to ensure the continued profitability of the Group.
During the period we have invested in Circle Red a bespoke commercial development company which recently developed Sainsbury in Ponteland and owns Vroom the car retail park at the Tyne Tunnel Trading Estate. This investment continues the company’s philosophy of growth within our sector and we hope to benefit from the schemes in the Circle Red pipeline as the economy improves.
Myself and the other directors are continuing to push the group forward, we will actively manage our way through the downturn and come out stronger, of that I have no doubt.
Richard Brown
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