{"id":607714,"date":"2023-02-13T23:49:20","date_gmt":"2023-02-14T05:49:20","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/13\/civils-specialist-sees-profit-tumble-due-to-problem-job\/"},"modified":"2023-02-13T23:49:20","modified_gmt":"2023-02-14T05:49:20","slug":"civils-specialist-sees-profit-tumble-due-to-problem-job","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/13\/civils-specialist-sees-profit-tumble-due-to-problem-job\/","title":{"rendered":"Civils specialist sees profit tumble due to problem job"},"content":{"rendered":"<div id=\"wrapper_sleeve\">\n<p><img loading=\"lazy\" decoding=\"async\" width=\"620\" height=\"414\" src=\"https:\/\/cdn.ca.emap.com\/wp-content\/uploads\/sites\/8\/2023\/02\/HOCHTIEF-Tunnel-Image-02.jpg\"   alt=\"HOCHTIEF-Tunnel-Image-02.jpg\">        <\/p>\n<div>\n<p><span>Hochtief UK\u2019s profit fell by 85 per cent in 2021 due to problems with an unnamed job.<\/span><\/p>\n<p><span>The infrastructure specialist made a profit of \u00a3681,000 in 2021, down from \u00a34.6m the previous year, according to accounts filed at Companies House. The decrease was despite the group\u2019s turnover jumping from \u00a382.3m to \u00a399.3m.<\/span><\/p>\n<p><span>Hochtief UK is the British subsidiary of Germany\u2019s largest construction company, which earned \u00a322bn worldwide in 2021. Hochtief UK focuses on rail and highways improvement work, as well as cable tunnelling for the energy sector.<\/span><\/p>\n<p><span>The company said its increased revenue was \u201cmainly due to high output on a tunnelling project\u201d, while the decrease in profit was down to \u201cthe deterioration of result on one project\u201d.<\/span><\/p>\n<p><span>Hochtief UK said it saved \u00a31m through a reduction in bid costs and lower overheads in 2021, and that its staff headcount fell over the course of the year from 153 to 142.<\/span><\/p>\n<p>In the financial report, Hochtief UK also revealed it is exposed to changes in the price of commodities such as steel, but said that it is not financially expedient to hedge against price rises given the company\u2019s size, stating that \u201cthe costs of managing exposure to commodity-price risk exceed any potential benefits\u201d.<\/p>\n<p><span>However, the company said it was protected against inflationary risk by \u201cescalation clauses in its contracts\u201d, adding that it was expected \u201cto generate profits\u201d in 2022 and 2023.<\/span><\/p>\n<\/p><\/div>\n<h3>Related articles<\/h3>\n<\/p><\/div>\n<p><a href=\"https:\/\/www.constructionnews.co.uk\/civils\/civils-specialist-sees-profit-tumble-due-to-problem-job-13-02-2023\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Mark Smulian<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hochtief UK\u2019s profit fell by 85 per cent in 2021 due to problems with an unnamed job. The infrastructure specialist made a profit of \u00a3681,000 in 2021, down from \u00a34.6m the previous year, according to accounts filed at Companies House. The decrease was despite the group\u2019s turnover jumping from \u00a382.3m to \u00a399.3m. Hochtief UK is<\/p>\n","protected":false},"author":1,"featured_media":607715,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[104325,34921],"tags":[],"class_list":{"0":"post-607714","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-civils","8":"category-specialist"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/607714","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=607714"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/607714\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/607715"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=607714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=607714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=607714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}