Scotland
UK
Ireland
London
Construction News
29/07/2016
Weir Group Chief Executive To Step Down
Engineering firm Weir Group has announced its Chief Executive, Keith Cochrane, is to step down.
The Glasgow-based company said Jon Stanton will take up the role with effect from 01 October.
The news came as the company reported its Oil & Gas revenue fell to £183 million from £320 million during the same period last year.
Mr Cochrane said while the market continues to remain challenging, the Group continued to be "highly cash generative and aggressively reduce costs".
"While there have been early signs of stability in oil and gas markets, activity remains at very low levels with only a modest improvement expected in late 2016," he said.
"Conversely, there are signs of mining markets normalising, supported by commodity prices and an improving pipeline of brownfield opportunities. Looking ahead, we will continue to prioritise strong cash generation and invest in the strategic priorities which will ensure the Group is positioned to benefit fully as markets recover."
(LM/MH)
The Glasgow-based company said Jon Stanton will take up the role with effect from 01 October.
The news came as the company reported its Oil & Gas revenue fell to £183 million from £320 million during the same period last year.
Mr Cochrane said while the market continues to remain challenging, the Group continued to be "highly cash generative and aggressively reduce costs".
-- Advertisement --
"While there have been early signs of stability in oil and gas markets, activity remains at very low levels with only a modest improvement expected in late 2016," he said.
"Conversely, there are signs of mining markets normalising, supported by commodity prices and an improving pipeline of brownfield opportunities. Looking ahead, we will continue to prioritise strong cash generation and invest in the strategic priorities which will ensure the Group is positioned to benefit fully as markets recover."
(LM/MH)
Latest Construction News
30/01/2025
Scottish Water has officially launched its groundbreaking hydro scheme at Whiteadder Reservoir in East Lothian. The project, believed to be the first of its kind in Europe, will generate renewable energy to offset nearly a third of the power used by the Hungry Snout pumping station, which supplies d
30/01/2025
Built Environment–Smarter Transformation (BE-ST) in Glasgow has been awarded a €219,000 grant from Built by Nature to lead research into fire safety in mass timber buildings across the UK.
The grant responds directly to the UK Government's 2023 Timber in Construction Roadmap, which called for resea
30/01/2025
Construction is underway on the transformation of Dundee's Bell Street multi-storey car park into a £25.4 million green transport hub.
The project, funded by £14.4 million from the UK Government's Levelling Up Fund and an £11 million tender recently approved by the city council, follows £4.5 milli
30/01/2025
Forth Ports has submitted planning applications to The City of Edinburgh Council for the second phase of its Harbour 31 regeneration project in Leith. The applications seek Detailed Planning Consent and Listed Building Consent for "The Dry Dock at Harbour 31," a proposed creative and commercial hub
30/01/2025
Construction has officially commenced on The R&A's new Global Headquarters at St Andrews West. David Rickman MBE, former R&A executive, broke ground at a ceremony marking the start of the project.
The new headquarters, slated for completion in 2026, will consolidate St Andrews-based R&A staff into
30/01/2025
Clackmannanshire Council has approved a £14 million investment in its housing stock for the upcoming financial year. The decision was made at today's Council meeting, where councillors also agreed to a 10% increase in base rent and a new rental structure.
The new structure will result in 72% of ten
30/01/2025
St Andrews Timber & Building Supplies has announced the expansion of its Livingston branch with the addition of a new machine shop.
The 500m2 facility features a wall saw and a crosscut saw, with plans to introduce another four machines such as a pillar drill, planer and spindle moulder.
The servi
30/01/2025
A major refurbishment project is planned for the bridge carrying the B792 local road over the M8 motorway between Bathgate and Blackburn. Work is scheduled to begin in spring 2025 and is expected to last approximately four months.
The project will involve a range of repairs, including steelwork and
30/01/2025
Scotland's first floating solar power system, located at Forth Ports HQ in the Port of Leith, successfully weathered Storm Éowyn, described by the Met Office as "probably the strongest to hit the UK in the past 10 years".
Despite hurricane-strength winds and widespread disruption caused by the stor
30/01/2025
Paisley-based construction company, The JR Group, has committed to supporting social enterprises by signing the Social Enterprise Scotland Buy Social Pledge.
The initiative connects private businesses, SMEs, academic institutions, and public sector bodies with social enterprises, encouraging them t
