Severn Trent assumes full control of Costain JV

MIDLAND-based utility Severn Trent and Costain Group have reached a mutual agreement through which Severn Trent will take full ownership of the total water solutions business created as part of a joint venture between the two companies.

The new business will continue as Severn Trent Services.

In line with Severn Trent’s overall strategy of focus on water, the business will continue to operate in the developing market for UK business solutions in water, leveraging Severn Trent’s skills and expertise to offer non household customers in the UK a single expert supplier for all of their water and waste water needs, from source to disposal.

Severn Trent’s out-going chief executive Tony Wray said:  “We are in a position where Severn Trent commands the expertise, commitment and full-service skills to take this business forward for the long term.
“We look forward to continuing to work with our customers and future customers to further improve service standards and the economics of their business.”

H1 profits up for Goodwin but turnover needs addressing

STOKE-ON-TRENT industrial engineering group Goodwin has seen a sharp increase in half-year pre-tax profit and revenue. For the six months to October 31, 2013 pre-tax profit was £12.3m (2012: £10.4m), an increase of 18% based on revenues of £71.3m (2012: £68.4m).
 
However, it said turnover was 10% behind possibility based on workload due to delays on certain contracts and slow processing of documents for approval.

“This has had an unacceptable effect on the group cash flow and management is seeking to redress this issue in the second half of the financial year. Management have also had to contend with the disruption caused by the significant construction and training programmes currently being undertaken,” said chairman John Goodwin.
 
The group said its order book remained healthy and represented an order back log on average of just over six months although this is not evenly spread amongst its 20 trading companies.  

Goodwin added: “The continued excellent profitability achieved results from the dynamic performance of our employees and our companies being able to address the market needs.
 
“The challenge faced in nearly all our group companies is to ensure we have in place enough competent trained people to cope with our growth and global activities. It is our team of people that is creating the success and growth and it remains a key corporate management activity to ensure that this demand is satisfied.

“We have many young people progressing within the Company and our investment in and further training of these people will determine the future.”

Delcam set to quit AIM after takeover

BIRMINGHAM-based software group Delcam has notified the London Stock Exchange of the proposed cancellation of its shares on AIM.

The cancellation, expected to take effect from 7am on February 10, 2014, follows the company’s sale to US-based Autodesk Development in a deal worth £172m.

The last day of dealings in, and for registration of transfers of, Delcam shares is expected to be February 5.

Dignity director heads for Galliford Try

SUTTON Coldfield-based funeral directors Dignity has announced that one of its non-executive directors, Ishbel Macpherson, has been appointed to a similar position with Galliford Try. The appointment takes effect from February 1, 2014.