29 January 2020
Contract wins signal strong start to 2020 for Midas Group
Midas Group, one of the UK’s largest independent construction and property services providers, is reporting a buoyant start to 2020 after securing a series of major contract wins totalling more than £75 million.
The surge in project activity spans all sectors and geographies of the Group’s operations in the South and South West of England, the Midlands and Wales.
Alan Hope, Midas Group Chief Executive, welcomed what he said was a clear uplift in confidence and a strengthening in regional contracting following 18 months in which the construction sector nationally has been buffeted by political and economic uncertainty.
Significant new wins include two new hotels in Paignton as part of a £30 million investment in the area by Fragrance Group; phase one of the £10 million Claylands Business Park, also in Paignton, and a major £17.5 million building and port infrastructure project for ABP Southampton.
Alongside these wins there is also a new a £4.7 million high-profile regeneration scheme for Gloucester City Council, as well as the imminent start on site of a number of residential and care home developments totalling £30 million, across Cornwall and Wiltshire.
In addition, Midas has added to its historically strong portfolio of framework partnerships with recent appointments to the £30 billion, seven-year Crown Commercial Services (CCS) framework and the four-year public sector Procure Partnerships National Framework.
Alan Hope said: “In addition to securing these new projects, we are also seeing new confidence and fresh impetus in several schemes where start dates had been extended and extended again, but which are now getting the green light and coming to site.
“Some of the slippage in project programming will be reflected in our revenue for 2019/20. However, we are well placed to manage these cycles and it is reassuring to start the year with clear visibility on a secured pipeline of work which will deliver growth in 2020/21.
“The most positive aspect is that this acceleration in customer activity is represented right across our business sectors and geographies which suggests a much broader, sustainable change in sentiment within our industry and target markets.”
Midas’s aim is for long-term sustainable growth, driven by its strategy to become the contractor of choice in its chosen markets, through the delivery of its vision to be leaders in customer service and performance.
Excellent relationships with a wide range of customers have led to more than 80% of the Group’s work being carried out on a repeat business basis, with many schemes winning high profile awards, both locally and nationally.