“I am stunned at how well firms have done.” That is the frank assessment of analyst Stephen Rawlinson on the performance of the UK’s 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 £60m. But others have fared better, completing equity raises to strengthen creaking balance sheets – notably Kier and Costain, which have both sealed deals since the pandemic struck last spring. “Not easy,” Rawlinson from Applied Value adds.

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