Thursday, 25 May 2017

Connaught chief quits after profit warning

The chief executive of troubled contractor Connaught has stepped down with immediate effect.

Mark Tincknell, who took over the role in February, will continue to work at the company but will relinquish his role as chief executive.

In an interim management statement released today for the period 1 March to 7 July the company says Mr Tincknell is leaving his role due to health issues.

Finance director Stephen Hill will also step down in October, no reason has been given but Connaught insists the decision was his.

The company’s share price halved earlier this month after it issued a profit warning.

The contractor said 31 social housing contracts had been deferred by councils, hitting revenues by £80 million.

Following the profit warning the company’s share price fell from 317p to 114p and it has tumbled further to 110p following this morning’s announcement

The company has readjusted its expectations for revenue and earnings for next year following the contract deferrals.

Sir Roy Gardner, Connaught non-executive chairman, said: ‘The outlook for Connaught remains positive.

‘The cost reduction programme will realise significant savings whilst providing a solid platform from which we can achieve further growth.

‘Our order book is strong and our newly formed big ticket sales team will ensure we capitalise upon a record pipeline of enquiries.

‘I believe the group is ideally placed to meet the needs of our clients which in these uncertain times are focused upon achieving budget savings whilst maintaining a high level of customer service.’

Readers' comments (2)

Comments are only open to subscribers of Inside Housing

Already a subscriber?

If you’re already a subscriber to Inside Housing, your subscription may not be linked to your online account. You can link your subscription from within the My Account section of the website and clicking on Link My Account.

Not yet a subscriber?

If you don't yet subscribe to Inside Housing, please visit our subscription page to view our various subscription packages.

Have your say

You must sign in to make a comment

sign in register


Newsletter Sign-up



  • Countryside grows revenue and profit

    18 May 2017

    Countryside Properties ramped up its affordable housing completion rate last winter, and grew both revenue and profit.

  • 34% profit boost for Bellway

    18 October 2016

    Bellway has reported a 34% profit boost aided by the government’s Help to Buy scheme.

  • Grainger forecasts £50m profit

    11 October 2016

    The largest listed private landlord in the UK has told investors to expect profit of more than £50m for the year after strong growth despite stamp duty changes and the EU referendum.

  • Lakehouse issues further profit warning

    2 August 2016

    A social housing contractor has issued a £4m profit warning to investors following boardroom turbulence earlier this year.

  • Former Connaught accountants struck off

    26 July 2016

    The two most senior accountants at former social housing contractor Connaught have been struck off after the City watchdog found a £4m loan was incorrectly recorded months before the firm collapsed in 2010.

IH Subscription