Table of Contents

Executive Summary

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TABLE OF CONTENTS

EXECUTIVE SUMMARY

INTRODUCTION

Definitions

Methodology

The UK Economy

Overview

Political Climate

Interest Rates

Inflation

Exchange Rates

Taxation

Consumer Demand

Output

Investment

Forecasts

Exchange Rates

Abbreviations

CONSTRUCTION MARKET

Market Overview and Trends, 1993-1997

Non-Housing Construction Market Overview, 1993-1997

CIVIL ENGINEERING MARKET

Market Overview and Trends, 1993-1997

Market Segmentation, 1993-1997

New Work/Repair & Maintenance

Public/Private Sector

Overview

Private Sector

Public Sector

Infrastructure

Overview

Roads

Gas, Communications & Air

Water & Sewerage

Harbours

Electricity

Railways

Regional Analysis

Overview

Private Sector

Public Sector

Infrastructure

Factors Affecting Demand

Forecast Market Overview, 1998-2002

Forecast Market Segmentation, 1998-2002

New Work/Repair and Maintenance

Public/Private Sector

Overview

Private Sector

Public Sector

Infrastructure

Overview

Forecast Market Segmentation

CRITICAL SUCCESS FACTORS

CONTRACT TYPES

Overview

Design and Build

Private Finance Initiative

Overview

Sources of Finance

Criteria for Private Finance Initiative Projects

Private Finance Initiative Projects

A Review of the Private Finance Initiative

Design, Build, Finance and Operate

INDUSTRY STRUCTURE

Overview

Company Profiles

Alfred McAlpine

Overview

Alfred McAlpine's Civil Engineering Division

AMEC

Balfour Beatty

Birse Construction

Costain Group

Overview

Costain Group's Engineering & Construction Division

Kvaerner

Overview

Kvaerner Construction

John Laing

Overview

John Laing's Construction Division

John Mowlem & Company

Overview

John Mowlem's Construction Activities and Services Division

Tarmac

Overview

Tarmac's Construction Services Division

Taylor Woodrow

Overview

Taylor Woodrow's Construction Division

RECENT DEVELOPMENTS

Overview

The UK Economy

Overview

Political Climate

Interest Rates

Inflation

Exchange Rates

Taxation

Consumer Demand

Output

Investment

Forecasts

New Construction Data, 1993-2002

TRADE ASSOCIATIONS

MAGAZINES

List of Tables

1 Economic Indicators On The UK Economy, 1989-1998

2 Construction Output In Great Britain, 1993-1997

3 Construction Output In Great Britain, By Type, 1993-1997

4 Non-Housing Construction Output In Great Britain, By Type, 1993-1997

5 Civil Engineering Market In Great Britain, 1993-1997

6 Civil Engineering Market In Great Britain, By Type, 1993-1997

7 Civil Engineering Market In Great Britain, By Sector, 1993-1997

8 Private Sector Civil Engineering Market In Great Britain, By Type, 1993-1997

9 Public Sector Civil Engineering Market In Great Britain, By Type, 1993-1997

10 New Infrastructural Civil Engineering Market In Great Britain, By Sector, 1993-1997

11 New Infrastructural Civil Engineering Market In Great Britain, By Type, 1993-1997

12 Civil Engineering Market In Great Britain For New Road Work, 1993-1997

13 Capital Expenditure On Roads In England, By Type Of Project, 1993-1997

14 Results Of The Government's Accelerated Roads Review, June 1997

15 Road Work Won In The UK By Leading Roads Contractors, May 1996-April 1997

16 Civil Engineering Market In Great Britain For New Gas, Communications And Air Work, 1993-1997

17 UK Market For Gas Supply Infrastructural Civil Engineering, 1993-1996

18 Civil Engineering Market In Great Britain For New Infrastructural Water And Sewerage Work, 1993-1997

19 Civil Engineering Market In Great Britain For New Harbours Work, 1993-1997

20 Civil Engineering Market In Great Britain For New Electricity Work, 1993-1997

21 Civil Engineering Market For New Railways Work, 1993-1997

22 Civil Engineering Market In Great Britain, By Region, 1996

23 Private Sector Civil Engineering Market In Great Britain, By Region, 1996

24 Public Sector Civil Engineering Market In Great Britain, By Region, 1996

25 New Infrastructural Civil Engineering Market In Great Britain, By Region, 1996

26 Forecast Civil Engineering Market In Great Britain, 1998-2002

27 Forecast Civil Engineering Market In Great Britain, By Type, 1998-2002

28 Forecast Civil Engineering Market In Great Britain, By Sector, 1998-2002

29 Forecast Private Sector Civil Engineering Market In Great Britain, By Type, 1998-2002

30 Forecast Public Sector Civil Engineering Market In Great Britain, By Type, 1998-2002

31 Forecast New Infrastructural Civil Engineering Market In Great Britain, By Sector, 1998-2002

32 Forecast New Infrastructural Civil Engineering In Great Britain, By Type, 1998-2002

33Forecast Department Of Transport Capital Expenditure On Roads In England, By Type, 1998-2002

34 Forecast Investment By Transco, 1998-2002

35 Types Of PFI Project

36 Financial Summary Of Alfred McAlpine, 1993-1997

37 Financial Summary Of Alfred McAlpine's Civil Engineering Division, 1995-1997

38 Financial Summary Of AMEC, 1993-1997

39 Financial Summary Of AMEC, By Class Of Business, 1996 And 1997

40 Financial Summary Of Balfour Beatty, 1993-1997

41 Breakdown Of Balfour Beatty's Turnover, By Activity, 1997

42 Financial Summary Of Birse Construction, 1994-1998

43 Financial Summary Of Costain Group, 1993-1997

44 Financial Summary Of Costain Group's Engineering And Construction Division, 1995-1997

45 Financial Summary Of Kvaerner (Formerly Trafalgar House), 1992-1996

46 Financial Summary Of Kvaerner Construction, 1994-1996

47 Financial Summary Of John Laing, 1993-1997

48 Financial Summary Of John Laing's Construction Division, 1993-1997

49 Financial Summary Of John Mowlem & Company, 1993-1997

50 Financial Summary Of John Mowlem's Construction Activities And Services Division, 1994-1997

51 Financial Summary Of Tarmac, 1993-1997

52 Financial Summary Of Tarmac's Construction Services Division, 1995-1997

53 Financial Summary Of Taylor Woodrow, 1993-1997

54 Financial Summary Of Taylor Woodrow's Construction Division, 1993-1997

55 Economic Indicators On The UK Economy, 1990-1999

56 Total Construction Output In Great Britain, By Sector, 1993-1997

57 Forecast Construction Output In Great Britain, By Sector, 1998-2002

List of Diagrams

1 Civil Engineering Market In Great Britain, By Type, 1993-2002

2 Civil Engineering Market In Great Britain, By Sector, 1993-2002

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EXECUTIVE SUMMARY

MSI estimate that the market for civil engineering in Great Britain increased by 7 percent in value terms in 1996, following output growth of 8 percent during 1995. This growth was attributable to increases in output from the new non-housing and repair & maintenance sectors. Furthermore, total civil engineering output is believed to have increased by a further 2 percent to œ11.2 billion in 1997.

New work continued to account for 78 percent of the market during 1997, with the repair & maintenance sector accounting for the remaining 22 percent of work. In 1996 private sector output exceeded that of the public sector for the first time during the review period and this situation is believed to have continued in 1997. This reflects cutbacks in public sector output, particularly in the roads sector, and the transferring of an increasing number of public sector contracts to the private sector.

New infrastructure work increased in terms of proportional importance to account for 53 percent of total civil engineering output during 1996. However, the proportional importance of this sector is believed to have fallen to 52 percent during 1997 principally due to the effects of the former government's cuts to the roads programme and as a result of the new government's accelerated roads review which has led to the delaying and cancelling of a number of significant road projects.

Some 86 percent of the total civil engineering work in Great Britain in 1996 was undertaken in England, 9 percent in Scotland and 5 percent in Wales. Greater London and the South East continued to account for the largest proportion of civil engineering output in 1996, accounting for 36 percent of total work undertaken.

Demand for civil engineering work is affected by a number of factors:

- economic trends and confidence

- government policy, legislation and expenditure plans

- regulation of the privatised industries

- EU legislation

The market for civil engineering in Great Britain is forecast to increase by 8 percent in real terms in 1998, followed by further growth in 1999 and the year 2000, albeit at a slower rate. This growth is expected to partly reflect the anticipated commencement of a number of significant projects, such as the Thameslink 2000 and increased investment by many of the privatised utility companies. The market is forecast to decline slowly in real terms after the year 2000 due to an expected decline in the new non-housing market.

The PFI, the trend towards partnering and cutbacks in the roads programmes have all had an impact on the civil engineering industry resulting in contractors diversifying into new markets. The industry has recently undergone substantial restructuring with companies developing focused portfolios of core activities to pursue PFI projects, whilst nurturing long term client relationships.

Text © 1998 MSI

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