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鈥淚 am stunned at how well firms have done.鈥� That is the frank assessment of analyst Stephen Rawlinson on the performance of the UK鈥檚 quoted contractors this year.

There has been one notable listed casualty in 2021: civil engineering specialist NMCN, which collapsed into administration in October and left unsecured creditors out of pocket by more than 拢60m. But others have fared better, completing equity raises to strengthen creaking balance sheets 鈥� notably Kier and Costain, which have both sealed deals since the pandemic struck last spring. 鈥淣ot easy,鈥� Rawlinson from Applied Value adds.

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