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The Future of Construction in the UK

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This report is the result of our extensive market, company and deals research covering the UK construction market. It provides detailed segmentation of historic and forecast construction sales, segmented to category and channel level; analysis of the leading UK companies in the construction market; and analysis of the key financial deals involving construction players in the UK. “The Future of Construction in the UK” provides both top-level overview and detailed category-, channel- and company-specific insights into the UK’s construction industry environment. It is an essential tool for companies active across the UK’s construction value chain and for new players considering entering UK’s construction market.

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									       The Future of Construction in the UK
       Market Intelligence Report

       Reference code: WMCN0139MR
       Published: March 2010




       www.worldmarketintelligence.com


       World Market Intelligence

       John Carpenter House

       7 Carmelite Street

       London EC4Y 0BS

       United Kingdom

       Tel: +44 (0) 20 7336 5200

       Fax: +44 (0) 20 7336 5201




The Future of Construction in UK                                                              Published March 2010

© World Market Intelligence. This report is a licensed product and is not to be photocopied                Page 1
EXECUTIVE SUMMARY




1 Executive Summary
1.1 Construction Market Trends
                 The inevitable: as expected, the credit crunch has had a major impact on the UK mortgage market and
                 consequently the construction sector. The UK‟s rank in the international construction growth opportunity
                 list slipped from third in 2008 to eighth in 2009, underling the extent of market deterioration for
                 construction in the UK.

                 Losers: residential activity has taken a hit due to the recession, while infrastructure construction is
                 likely to be sustained due to public spending. The same cannot be said about commercial construction,
                 which is suffering from tight credit and declining consumer spending.

                 Drivers: a major driver for growth in commercial and infrastructure construction will be the Olympic
                 Games in London in 2012. The Olympics will generate one of the largest construction and regeneration
                 initiatives in Europe.

                 Public housing: demand for residential housing in the UK is still high. By 2010, the housing shortage
                 in the UK is expected to reach 1 million homes. Government incentives and investments of
                 approximately £7.5 billion over two years‟ period are expected to lead to the construction of around
                 112,000 affordable homes in the UK.



1.2 Construction Deals Trends

                 Wide variance in values: The value of major completed acquisitions tracked by WMI up to the end of
                 October 2009 was US$14.2bn. This value was US$2.7bn in 2008 and US$9.2bn in 2007.




The Future of Construction in UK                                                                     Published March 2010

© World Market Intelligence. This report is a licensed product and is not to be photocopied                       Page 2
TABLE OF CONTENTS




TABLE OF CONTENTS

1     Executive Summary................................................................................................................. 2

1.1     Construction Market Trends ............................................................................................................................... 2

1.2     Construction Deals Trends ................................................................................................................................. 2


2     Introduction ............................................................................................................................ 13

2.1     What Is This Report About?.............................................................................................................................. 13

2.2     Definitions........................................................................................................................................................... 13

2.3     Summary Methodology ..................................................................................................................................... 14


3     UK Construction Market ........................................................................................................ 15

3.1     Construction Market Overview ......................................................................................................................... 15

3.2     Construction Market Data ................................................................................................................................. 16

3.3     Commercial construction .................................................................................................................................. 20
    3.3.1     Commercial construction overview ............................................................................................................... 20
    3.3.2     Commercial construction market data .......................................................................................................... 20

3.4     Infrastructure construction ............................................................................................................................... 24
    3.4.1     Infrastructure construction overview ............................................................................................................. 24
    3.4.2     Infrastructure construction market data ........................................................................................................ 24

3.5     Industrial construction ...................................................................................................................................... 28
    3.5.1     Industrial construction overview ................................................................................................................... 28
    3.5.2     Industrial construction market data ............................................................................................................... 29

3.6     Institutional construction .................................................................................................................................. 34
    3.6.1     Institutional construction overview ................................................................................................................ 34
    3.6.2     Institutional construction market data ........................................................................................................... 34

3.7     Residential construction ................................................................................................................................... 38
    3.7.1     Residential construction overview ................................................................................................................ 38
    3.7.2     Residential construction market data ........................................................................................................... 38


4     UK Construction Projects ..................................................................................................... 42



The Future of Construction in UK                                                                                                                   Published March 2010

© World Market Intelligence. This report is a licensed product and is not to be photocopied                                                                           Page 3
TABLE OF CONTENTS



5     Contractor Profile: Balfour Beatty Plc ................................................................................. 44

5.1     Balfour Beauty Plc Company Overview .......................................................................................................... 44
    5.1.1     Balfour Beatty plc - Business Description ..................................................................................................... 44
    5.1.2     Balfour Beatty plc - Major Products and Services ........................................................................................ 46
    5.1.3     Balfour Beatty plc - History ........................................................................................................................... 46

5.2     Balfour Beatty plc - SWOT Analysis ................................................................................................................ 47
    5.2.1     Balfour Beatty plc – Strengths ...................................................................................................................... 47
    5.2.2     Balfour Beatty plc – Weaknesses ................................................................................................................. 48
    5.2.3     Balfour Beatty plc – Opportunities ................................................................................................................ 48
    5.2.4     Balfour Beatty plc – Threats ......................................................................................................................... 49

5.3     Balfour Beatty plc – Company Information ..................................................................................................... 50
    5.3.1     Balfour Beatty plc - Key Competitors............................................................................................................ 50
    5.3.2     Balfour Beatty plc - Key Employees ............................................................................................................. 50

5.4     Balfour Beatty plc - Financial Ratios ............................................................................................................... 52


6     Contractor Profile: Carillion plc............................................................................................ 54

6.1     Carillion plc Company Overview ...................................................................................................................... 54
    6.1.1     Carillion plc - Business Description .............................................................................................................. 54
    6.1.2     Carillion plc - Major Products and Services .................................................................................................. 56
    6.1.3     Carillion plc - History ..................................................................................................................................... 57

6.2     Carillion plc - SWOT Analysis........................................................................................................................... 57
    6.2.1     Carillion plc – Strengths ................................................................................................................................ 57
    6.2.2     Carillion plc – Weaknesses........................................................................................................................... 58
    6.2.3     Carillion plc – Opportunities .......................................................................................................................... 58
    6.2.4     Carillion plc – Threats ................................................................................................................................... 59

6.3     Carillion plc – Company Information ............................................................................................................... 60
    6.3.1     Carillion plc - Key Competitors ..................................................................................................................... 60
    6.3.2     Carillion plc - Key Employees ....................................................................................................................... 61

6.4     Carillion plc - Financial Ratios ......................................................................................................................... 62


7     Contractor Profile: Laing O’Rourke plc ............................................................................... 64

7.1     Laing O’Rourke plc Company Overview ......................................................................................................... 64
    7.1.1     Laing O‟Rourke plc - Business Description .................................................................................................. 64
    7.1.2     Laing O‟Rourke plc - Major Products and Services ...................................................................................... 66




The Future of Construction in UK                                                                                                                Published March 2010

© World Market Intelligence. This report is a licensed product and is not to be photocopied                                                                        Page 4
TABLE OF CONTENTS



    7.1.3     Laing O‟Rourke plc - History ......................................................................................................................... 66

7.2     Laing O’Rourke plc - SWOT Analysis .............................................................................................................. 67
    7.2.1     Laing O‟Rourke plc – Strengths .................................................................................................................... 67
    7.2.2     Laing O‟Rourke plc – Weaknesses .............................................................................................................. 68
    7.2.3     Laing O‟Rourke plc – Opportunities .............................................................................................................. 68
    7.2.4     Laing O‟Rourke plc – Threats ....................................................................................................................... 69

7.3     Laing O’Rourke plc – Company Information ................................................................................................... 70
    7.3.1     Laing O‟Rourke plc - Key Competitors ......................................................................................................... 70
    7.3.2     Laing O‟Rourke plc - Key Employees ........................................................................................................... 70


8     Contractor Profile: Morgan Sindall plc ................................................................................ 72

8.1     Morgan Sindall plc Company Overview .......................................................................................................... 72
    8.1.1     Morgan Sindall plc - Business Description ................................................................................................... 72
    8.1.2     Morgan Sindall plc - Major Products and Services ....................................................................................... 74
    8.1.3     Morgan Sindall plc - History .......................................................................................................................... 74

8.2     Morgan Sindall plc – Company Information .................................................................................................... 75
    8.2.1     Morgan Sindall plc - Key Competitors .......................................................................................................... 75
    8.2.2     Morgan Sindall plc - Key Employees ............................................................................................................ 75


9     Contractor Profile: Kier Group plc ....................................................................................... 77

9.1     Kier Group plc Company Overview ................................................................................................................. 77
    9.1.1     Kier Group plc - Business Description .......................................................................................................... 77
    9.1.2     Kier Group plc - Major Products and Services ............................................................................................. 79
    9.1.3     Kier Group plc - History ................................................................................................................................ 80

9.2     Kier Group plc - SWOT Analysis ...................................................................................................................... 80
    9.2.1     Kier Group plc – Strengths ........................................................................................................................... 81
    9.2.2     Kier Group plc – Weaknesses ...................................................................................................................... 82
    9.2.3     Kier Group plc – Opportunities ..................................................................................................................... 82
    9.2.4     Kier Group plc – Threats............................................................................................................................... 83

9.3     Kier Group plc – Company Information ........................................................................................................... 84
    9.3.1     Kier Group plc - Key Competitors ................................................................................................................. 84
    9.3.2     Kier Group plc - Key Employees .................................................................................................................. 84

9.4     Kier Group plc - Financial Ratios ..................................................................................................................... 85


10 Contractor Profile: Galliford Try plc ..................................................................................... 87



The Future of Construction in UK                                                                                                             Published March 2010

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TABLE OF CONTENTS



10.1    Galliford Try plc Company Overview ............................................................................................................... 87
  10.1.1      Galliford Try plc - Business Description ........................................................................................................ 87
  10.1.2      Galliford Try plc - Major Products and Services ........................................................................................... 88
  10.1.3      Galliford Try plc - History .............................................................................................................................. 89

10.2    Galliford Try plc – Company Information ........................................................................................................ 89
  10.2.1      Galliford Try plc - Key Competitors ............................................................................................................... 89
  10.2.2      Galliford Try plc - Key Employees ................................................................................................................ 90


11 Contractor Profile: Sir Robert McAlpine Ltd ....................................................................... 91

11.1    Sir Robert McAlpine Ltd Company Overview ................................................................................................. 91
  11.1.1      Sir Robert McAlpine Ltd - Major Products and Services .............................................................................. 92

11.2    Sir Robert McAlpine Ltd – Company Information........................................................................................... 92
  11.2.1      Sir Robert McAlpine Ltd - Key Competitors .................................................................................................. 92


12 Contractor Profile: Interserve plc ......................................................................................... 93

12.1    Interserve plc Company Overview ................................................................................................................... 93
  12.1.1      Interserve plc - Business Description ........................................................................................................... 93
  12.1.2      Interserve plc - Major Products and Services ............................................................................................... 94
  12.1.3      Interserve plc - History .................................................................................................................................. 95

12.2    Interserve plc – Company Information ............................................................................................................ 96
  12.2.1      Interserve plc - Key Competitors .................................................................................................................. 96
  12.2.2      Interserve plc - Key Employees .................................................................................................................... 96

12.3    Interserve plc - Financial Ratios ....................................................................................................................... 97


13 Contractor Profile: BAM Nuttall Limited .............................................................................. 99

13.1    BAM Nuttall Limited Company Overview ........................................................................................................ 99
  13.1.1      BAM Nuttall Limited - Business Description ................................................................................................. 99
  13.1.2      BAM Nuttall Limited - Major Products and Services ................................................................................... 101
  13.1.3      BAM Nuttall Limited - History ...................................................................................................................... 101

13.2    BAM Nuttall Limited - SWOT Analysis ........................................................................................................... 102
  13.2.1      BAM Nuttall Limited – Strengths ................................................................................................................. 102
  13.2.2      BAM Nuttall Limited – Weaknesses ........................................................................................................... 103
  13.2.3      BAM Nuttall Limited – Opportunities ........................................................................................................... 103
  13.2.4      BAM Nuttall Limited – Threats .................................................................................................................... 104




The Future of Construction in UK                                                                                                              Published March 2010

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13.3    BAM Nuttall Limited – Company Information ............................................................................................... 105
  13.3.1      BAM Nuttall Limited - Key Competitors ...................................................................................................... 105
  13.3.2      BAM Nuttall Limited - Key Employees ........................................................................................................ 105


14 Contractor Profile: Babcock International Group PLC ..................................................... 106

14.1    Babcock International Group PLC Company Overview ............................................................................... 106
  14.1.1      Babcock International Group PLC - Business Description ......................................................................... 106
  14.1.2      Babcock International Group PLC - Major Products and Services ............................................................ 108
  14.1.3      Babcock International Group PLC - History................................................................................................ 109

14.2    Babcock International Group PLC – Company Information ........................................................................ 110
  14.2.1      Babcock International Group PLC - Key Competitors ................................................................................ 110
  14.2.2      Babcock International Group PLC - Key Employees .................................................................................. 111


15 Supplier Profile: Caterpillar Inc .......................................................................................... 112

15.1    Caterpillar Inc Company Overview ................................................................................................................ 112
  15.1.1      Caterpillar Inc- Business Description .......................................................................................................... 112
  15.1.2      Caterpillar Inc- Major Products and Services ............................................................................................. 116
  15.1.3      Caterpillar Inc- History ................................................................................................................................ 116

15.2    Caterpillar Inc- SWOT Analysis ...................................................................................................................... 117
  15.2.1      Caterpillar Inc– Strengths ........................................................................................................................... 117
  15.2.2      Caterpillar Inc– Weaknesses ...................................................................................................................... 118
  15.2.3      Caterpillar Inc- Opportunities ...................................................................................................................... 119
  15.2.4      Caterpillar Inc- Threats ............................................................................................................................... 120

15.3    Caterpillar Inc– Company Information ........................................................................................................... 121
  15.3.1      Caterpillar Inc- Key Competitors ................................................................................................................. 121
  15.3.2      Caterpillar Inc- Key Employees .................................................................................................................. 122

15.4    Caterpillar Inc- Financial Ratios ..................................................................................................................... 123


16 Supplier Profile: Komatsu Ltd. ........................................................................................... 125

16.1    Komatsu Ltd. Company Overview ................................................................................................................. 125
  16.1.1      Komatsu Ltd. - Business Description .......................................................................................................... 125
  16.1.2      Komatsu Ltd. - Major Products and Services ............................................................................................. 126
  16.1.3      Komatsu Ltd. - History ................................................................................................................................ 127

16.2    Komatsu Ltd.- SWOT Analysis ....................................................................................................................... 129
  16.2.1      Komatsu Ltd. – Strengths ........................................................................................................................... 129




The Future of Construction in UK                                                                                                              Published March 2010

© World Market Intelligence. This report is a licensed product and is not to be photocopied                                                                     Page 7
TABLE OF CONTENTS



  16.2.2      Komatsu Ltd. – Weaknesses ...................................................................................................................... 130
  16.2.3      Komatsu Ltd. - Opportunities ...................................................................................................................... 131
  16.2.4      Komatsu Ltd. – Threats .............................................................................................................................. 132

16.3    Komatsu Ltd. – Company Information ........................................................................................................... 133
  16.3.1      Komatsu Ltd. - Key Competitors ................................................................................................................. 133
  16.3.2      Komatsu Ltd. - Key Employees .................................................................................................................. 134
  16.3.3      Komatsu Ltd. - Financial Ratios .................................................................................................................. 135


17 Supplier Profile: J C Bamford Excavators Ltd .................................................................. 137

17.1    J C Bamford Excavators Ltd Company Overview ........................................................................................ 137
  17.1.1      J C Bamford Excavators Ltd - Business Description .................................................................................. 137
  17.1.2      J C Bamford Excavators Ltd - History ........................................................................................................ 139

17.2    J C Bamford Excavators Ltd - SWOT Analysis ............................................................................................. 140
  17.2.1      J C Bamford Excavators Ltd – Strengths ................................................................................................... 140
  17.2.2      J C Bamford Excavators Ltd – Weaknesses .............................................................................................. 141
  17.2.3      J C Bamford Excavators Ltd – Opportunities ............................................................................................. 142
  17.2.4      J C Bamford Excavators Ltd – Threats....................................................................................................... 142

17.3    J C Bamford Excavators Ltd – Company Information ................................................................................. 144
  17.3.1      J C Bamford Excavators Ltd - Key Competitors ......................................................................................... 144
  17.3.2      J C Bamford Excavators Ltd - Key Employees........................................................................................... 144


18 Deal Analysis ....................................................................................................................... 145

18.1    Deal benchmarks ............................................................................................................................................. 145

18.2    Key recent deals .............................................................................................................................................. 148


19 Appendix .............................................................................................................................. 149

19.1    About World Market Intelligence .................................................................................................................... 149




The Future of Construction in UK                                                                                                              Published March 2010

© World Market Intelligence. This report is a licensed product and is not to be photocopied                                                                     Page 8
TABLE OF CONTENTS



LIST OF TABLES
Table 1:      World Market Intelligence Construction Category Definitions ....................................................................................... 13
Table 2:      UK Overall Construction Market (£ bn), By Project Type, 2004-09E ............................................................................. 18
Table 3:      UK Overall Construction Market Forecast (£ bn), By Project Type, 2009E-2014 .......................................................... 19
Table 4:      UK Overall Construction Market Segmentation (%), By Project Type, 2004-2014 ........................................................ 19
Table 5:      UK Overall Construction Market (US$ mn), By Project Type, 2004-09E ....................................................................... 19
Table 6:      UK Overall Construction Market Forecast (US$ mn), By Project Type, 2009E-2014 .................................................... 19
Table 7:      UK Commercial Construction Market (£ mn), By Project Type, 2004-09E .................................................................... 22
Table 8:      UK Commercial Construction Market Forecast (£ mn), By Project Type, 2009E-2014 ................................................. 23
Table 9:      UK Commercial Construction Market Segmentation (%), By Project Type, 2004-2014 ................................................ 23
Table 10:     UK Commercial Construction Market (US$ mn), By Project Type, 2004-09E ............................................................... 23
Table 11:     UK Commercial Construction Market Forecast (US$ mn), By Project Type, 2009E-2014 ............................................ 23
Table 12:     UK Infrastructure Construction Market (£ mn), By Project Type, 2004-09E .................................................................. 26
Table 13:     UK Infrastructure Construction Market Forecast (£ mn), By Project Type, 2009E-2014 ............................................... 27
Table 14:     UK Infrastructure Construction Market Segmentation (%), By Project Type, 2004-2014 .............................................. 27
Table 15:     UK Infrastructure Construction Market (US$ mn), By Project Type, 2004-09E ............................................................. 27
Table 16:     UK Infrastructure Construction Market Forecast (US$ mn), By Project Type, 2009E-2014 .......................................... 28
Table 17:     UK Industrial Construction Market (£ mn), By Project Type, 2004-09E......................................................................... 31
Table 18:     UK Industrial Construction Market Forecast (£ mn), By Project Type, 2009E-2014 ...................................................... 32
Table 19:     UK Industrial Construction Market Segmentation (%), By Project Type, 2004-2014 ..................................................... 32
Table 20:     UK Industrial Construction Market (US$ mn), By Project Type, 2004-09E.................................................................... 32
Table 21:     UK Industrial Construction Market Forecast (US$ mn), By Project Type, 2009E-2014 ................................................. 33
Table 22:     UK Institutional Construction Market (£ mn), By Project Type, 2004-09E ..................................................................... 36
Table 23:     UK Institutional Construction Market Forecast (£ mn), By Project Type, 2009E-2014 .................................................. 37
Table 24:     UK Institutional Construction Market Segmentation (%), By Project Type, 2004-2014 ................................................. 37
Table 25:     UK Institutional Construction Market (US$ mn), By Project Type, 2004-09E ................................................................ 37
Table 26:     UK Institutional Construction Market Forecast (US$ mn), By Project Type, 2009E-2014 ............................................. 37
Table 27:     UK Residential Construction Market (£ mn), By Project Type, 2004-09E ..................................................................... 40
Table 28:     UK Residential Construction Market Forecast (£ mn), By Project Type, 2009E-2014................................................... 40
Table 29:     UK Residential Construction Market Segmentation (%), By Project Type, 2004-2014.................................................. 41
Table 30:     UK Residential Construction Market (US$ mn), By Project Type, 2004-09E................................................................. 41
Table 31:     UK Residential Construction Market Forecast (US$ mn), By Project Type, 2009E-2014 .............................................. 41
Table 32:     Top 50 Live Projects in the UK Construction Market ..................................................................................................... 42
Table 33:     Balfour Beatty plc Key Facts ......................................................................................................................................... 44
Table 34:     Balfour Beatty plc Major Products & Services ............................................................................................................... 46
Table 35:     Balfour Beatty plc History .............................................................................................................................................. 46
Table 36:     Balfour Beatty plc, Key Employees ............................................................................................................................... 50
Table 37:     Balfour Beatty plc, Key Employee Biographies ............................................................................................................. 51




The Future of Construction in UK                                                                                                                          Published March 2010

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Table 38:     Balfour Beatty plc, Capital Market Ratios based on current share price ....................................................................... 52
Table 39:     Balfour Beatty plc, Interim Ratios .................................................................................................................................. 52
Table 40:     Balfour Beatty plc, Annual Ratios .................................................................................................................................. 53
Table 41:     Carillion plc Key Facts ................................................................................................................................................... 54
Table 42:     Carillion plc Major Products & Services ........................................................................................................................ 56
Table 43:     Carillion plc History ....................................................................................................................................................... 57
Table 44:     Carillion plc, Key Employees ......................................................................................................................................... 61
Table 45:     Carillion plc, Key Employee Biographies ....................................................................................................................... 61
Table 46:     Carillion plc, Capital Market Ratios based on current share price ................................................................................. 62
Table 47:     Carillion plc, Interim Ratios............................................................................................................................................ 62
Table 48:     Carillion plc, Annual Ratios ........................................................................................................................................... 63
Table 49:     Laing O‟Rourke plc Key Facts ...................................................................................................................................... 64
Table 50:     Laing O‟Rourke plc Major Products & Services............................................................................................................ 66
Table 51:     Laing O‟Rourke plc History........................................................................................................................................... 66
Table 52:     Laing O‟Rourke plc , Key Employees ............................................................................................................................ 70
Table 53:     Laing O‟Rourke plc , Key Employee Biographies .......................................................................................................... 70
Table 54:     Morgan Sindall plc Key Facts ........................................................................................................................................ 72
Table 55:     Morgan Sindall plc Major Products & Services.............................................................................................................. 74
Table 56:     Morgan Sindall plc History............................................................................................................................................. 74
Table 57:     Morgan Sindall plc, Key Employees .............................................................................................................................. 75
Table 58:     Morgan Sindall plc, Key Employee Biographies ............................................................................................................ 76
Table 59:     Kier Group plc Key Facts ............................................................................................................................................. 77
Table 60:     Kier Group plc Major Products & Services ................................................................................................................... 79
Table 61:     Kier Group plc History .................................................................................................................................................. 80
Table 62:     Kier Group plc , Key Employees ................................................................................................................................... 84
Table 63:     Kier Group plc , Key Employee Biographies ................................................................................................................. 85
Table 64:     Kier Group plc , Capital Market Ratios based on current share price ............................................................................ 85
Table 65:     Kier Group plc , Interim Ratios ...................................................................................................................................... 85
Table 66:     Kier Group plc , Annual Ratios ...................................................................................................................................... 86
Table 67:     Galliford Try plc Key Facts ............................................................................................................................................ 87
Table 68:     Galliford Try plc Major Products & Services .................................................................................................................. 88
Table 69:     Galliford Try plc History ................................................................................................................................................. 89
Table 70:     Galliford Try plc, Key Employees .................................................................................................................................. 90
Table 71:     Galliford Try plc, Key Employee Biographies ................................................................................................................ 90
Table 72:     Sir Robert McAlpine Ltd Key Facts ............................................................................................................................... 91
Table 73:     Sir Robert McAlpine Ltd. Major Products & Services .................................................................................................... 92
Table 74:     Interserve plc Key Facts ................................................................................................................................................ 93
Table 75:     Interserve plc Major Products & Services...................................................................................................................... 94
Table 76:     Interserve plc History .................................................................................................................................................... 95




The Future of Construction in UK                                                                                                                             Published March 2010

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Table 77:        Interserve plc, Key Employees ...................................................................................................................................... 96
Table 78:        Interserve plc, Key Employee Biographies .................................................................................................................... 97
Table 79:        Interserve plc, Capital Market Ratios based on current share price .............................................................................. 97
Table 80:        Interserve plc, Interim Ratios......................................................................................................................................... 97
Table 81:        Interserve plc, Annual Ratios ........................................................................................................................................ 98
Table 82:        BAM Nuttall Limited Key Facts ...................................................................................................................................... 99
Table 83:        BAM Nuttall Limited Major Products & Services.......................................................................................................... 101
Table 84:        BAM Nuttall Limited History......................................................................................................................................... 101
Table 85:        BAM Nuttall Limited, Key Employees .......................................................................................................................... 105
Table 86:        Babcock International Group PLC Key Facts .............................................................................................................. 106
Table 87:        Babcock International Group PLC Major Products & Services .................................................................................... 108
Table 88:        Babcock International Group PLC History ................................................................................................................... 109
Table 89:        Babcock International Group PLC, Key Employees .................................................................................................... 111
Table 90:        Babcock International Group PLC, Key Employee Biographies .................................................................................. 111
Table 91:        Caterpillar Inc Key Facts ............................................................................................................................................. 112
Table 92:        Caterpillar Inc Major Products & Services ................................................................................................................... 116
Table 93:        Caterpillar Inc History .................................................................................................................................................. 116
Table 94:        Caterpiller Inc, Key Employees ................................................................................................................................... 122
Table 95:        Caterpillar Inc, Key Employee Biographies ................................................................................................................. 122
Table 96:        Caterpillar Inc, Capital Market Ratios based on current share price ........................................................................... 123
Table 97:        Caterpillar Inc, Interim Ratios ...................................................................................................................................... 123
Table 98:        Caterpillar Inc, Annual Ratios ...................................................................................................................................... 124
Table 99:        Komatsu Ltd. Key Facts .............................................................................................................................................. 125
Table 100: Komatsu Ltd. Major Products & Services .................................................................................................................... 126
Table 101: Komatsu Ltd.History .................................................................................................................................................... 127
Table 102: Komatsu Ltd., Key Employees .................................................................................................................................... 134
Table 103: Komatsu Ltd., Capital Market Ratios based on current share price ............................................................................ 135
Table 104: Komatsu Ltd., Interim Ratios ....................................................................................................................................... 135
Table 105: Komatsu Ltd., Annual Ratios ....................................................................................................................................... 136
Table 106: J C Bamford Excavators Ltd Key Facts ...................................................................................................................... 137
Table 107: J C Bamford Excavators Ltd History .......................................................................................................................... 139
Table 108: J C Bamford Excavators Ltd , Key Employees ............................................................................................................ 144
Table 109: UK Construction Industry Completed Deal Numbers, By Deal Type, 2005-2009YTD................................................. 145
Table 110: UK Construction Industry Completed Deal Value (US$ mn), By Deal Type, 2005-2009YTD ...................................... 145
Table 111: UK Construction Industry Average Value Per Completed Deal (US$ mn), By Deal Type, 2005-2009YTD ................. 146
Table 112: UK Construction Industry Current Deal Status, 2009YTD ........................................................................................... 147
Table 113: UK Construction Key Completed Transactions, 2007-2009, By Date ......................................................................... 148




The Future of Construction in UK                                                                                                                              Published March 2010

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LIST OF FIGURES


Figure 1: UK Overall Construction Market & Market Forecast (£ mn), By Project Type, 2004-14F................................................... 17
Figure 2: UK Overall Construction Market Dynamics, By Project Type, 2004-14F ........................................................................... 18
Figure 3: UK Commercial Construction Market & Market Forecast (£ mn), By Project Type, 2004-14F ........................................... 21
Figure 4: UK Commercial Construction Market Dynamics, By Project Type, 2004-14F.................................................................... 22
Figure 5: UK Infrastructure Construction Market & Market Forecast (£ mn), By Project Type, 2004-14F ......................................... 25
Figure 6: UK Infrastructure Construction Market Dynamics, By Project Type, 2004-14F .................................................................. 26
Figure 7: UK Industrial Construction Market & Market Forecast (£ mn), By Project Type, 2004-14F ............................................... 30
Figure 8: UK Industrial Construction Market Dynamics, By Project Type, 2004-14F ........................................................................ 31
Figure 9: UK Institutional Construction Market & Market Forecast (£ mn), By Project Type, 2004-14F ............................................ 35
Figure 10: UK Institutional Construction Market Dynamics, By Project Type, 2004-14F................................................................... 36
Figure 11: UK Residential Construction Market & Market Forecast (£ mn), By Project Type, 2004-14F .......................................... 39
Figure 12: UK Residential Construction Market Dynamics, By Project Type, 2004-14F ................................................................... 40
Figure 13: UK Construction Industry Completed Deals & Deal Values, 2005-2009 ........................................................................ 146




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DEFINITIONS & METHODOLOGY




2 Introduction

2.1 What Is This Report About?
       This report is the result of our extensive market, company and deals research covering the UK construction
       market. It provides detailed segmentation of historic and forecast construction sales, segmented down to
       category and channel level; analysis of the leading UK companies in the construction market; and analysis of
       the key financial deals involving construction players in the UK.

       “The Future of Construction in the UK” provides both top-level overview and detailed category-, channel- and
       company-specific insights into the UK‟s construction industry environment. It is an essential tool for companies
       active across the UK‟s construction value chain and for new players considering entering UK‟s construction
       market.



2.2 Definitions
       All data is collected in local currency. To avoid distortions due to currency fluctuations, all conversions into US$
       (of current, historical and forecast data alike) are made at the average 2008 average conversion rate. All tables
       are displayed to one decimal place, and hence growth rates may appear inconsistent with absolute values due
       to rounding errors.

       The key channels and categories featured in the report are defined below:



         Table 1:        World Market Intelligence Construction Category Definitions
         Category                                       Definition
         Commercial construction                        Commercial construction includes the construction of such projects as office buildings,
                                                        shopping centers, sports complexes, and hotels.
         Infrastructure construction                    Infrastructure construction encompasses a range of heavy infrastructure construction
                                                        projects, including the construction of highways, bridges, tunnels, water lines, sewer
                                                        lines, pipelines, power and communication transmission lines., athletic fields, dams,
                                                        dikes, docks, drainage projects, golf courses, harbors, parks, reservoirs, canals, sewage
                                                        treatment plants, water treatment plants, subways, and other mass transit projects
         Industrial construction                        This industry consists of the construction (including new build, extensions and major
                                                        rebuilds) of industrial buildings. The construction of selected additional structures, whose
                                                        production processes are similar to those for industrial buildings (e.g., incinerators,
                                                        cement plants, blast furnaces, and similar non-building structures), is also included.
         Institutional construction                     Institutional construction includes buildings not included in the commercial category such
                                                        as educational institutions, research facilities, healthcare facilities and religious buildings.
                                                        They may be public- or private-sector.
         Residential construction                       Residential construction includes the building, renovating and demolition of residential
                                                        buildings such as houses, townhouses, cottages, condominiums, single unit dwellings,
                                                        subdivisions and apartments.
        Source: World Market Intelligence analysis                                                                / © World Market Intelligence




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DEFINITIONS & METHODOLOGY




2.3 Summary Methodology
       All WMI reports are rigorously sourced according to a comprehensive written methodology.

       Company data: company information is derived from company annual reports, statements and websites, news
       releases, external news sources and information providers. Analytical company content is created by WMI‟s in-
       house analyst team based on published information, industry data and our industry expertise

       Deal data: our deal reports database is derived from secondary sources including company annual reports,
       statements and websites, news releases, external news sources and information providers
       Projects data: our project database is derived from secondary sources including company news releases,
       published invitations to tender, external news sources and information providers. We also carry out primary
       research using our in-house research team, contacting key figures within the project to verify our information
       and determine the latest project status and contract opportunities

       Market data: WMI has a standard process for market data research across all of its products. Our market data
       research is based on:

                 Review of Existing Databases – World Market Intelligence maintains databases of industry and
                 company operational data and analysis, which are used as the foundation for our market modelling
                 activities.

                 Market Research – Collection of the latest market-specific data from a wide variety of respected
                 industry sources at both a national and international level. Sources used include government statistics,
                 trade associations, company filings, broker and analyst reports, and official international sources

                 Data Consolidation – Our analysts benchmark data from internal and external sources to verify
                 historical market data and to ensure that latest year data is fully supported by external opinion.

                 Creation of Market Models – We feed the latest macroeconomic data and specific market drivers from
                 national statistics offices and trade associations into our complex market models to generate market
                 forecasts.

                 Analyst Review – Modelled forecasts are refined by our experienced analyst teams, based on
                 information collected from primary and secondary sources across the industry.

                 Quality Control – We rigorously conduct checks on our data and processes throughout the production
                 of every market profile, to ensure that the highest levels of data quality are maintained across our
                 portfolio




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CONSTRUCTION MARKET




3 UK Construction Market
       This section of this report provides insight into the UK‟s construction market at overall level. It breaks the
       market down by type of project: commercial, infrastructure, industrial, institutional and residential construction.

3.1 Construction Market Overview


                 The construction market in the UK saw significant growth in value during the period 2004-2007.
                 However, the recession, which was rooted primarily in the housing market, led to slower growth in
                 construction value during 2008.

                 According to Davis Langdon‟s 2009 international survey on construction prospects, the rank of the UK
                 slipped from third position in 2008 to eighth in 2009, underlining the deterioration in the construction
                 sector. Residential activity has taken a hit due to the recession, while infrastructure construction has
                 been sustained due to public spending.

                 There has been an overall slump in private sector construction spend, leading to deferred construction
                 starts in the UK. Private investments in the commercial and industrial sectors have been declining at
                 double-digit rates, while infrastructure projects by private sector firms have also fallen. The wider slump
                 in the residential market has also affected private sector plans in this market.

                 The housing market in the UK has diverged, with social housing construction picking up and the private
                 housing sector in decline. Government-sponsored social housing aiming at low cost housing has picked
                 up in the second quarter of 2009, showing a rise in public housing activity. On the other hand, private
                 builders have abandoned new projects and are focused on selling off their existing projects.

                 The commercial and institutional sectors are likely to see mixed results in terms of construction growth.
                 While public spending on hospitals and education is showing short-term growth, other sectors such as
                 office, research and retail construction, which are more dependent on private funding, are taking a back
                 seat. However, high public spending on health and education might ease, given the financial
                 constraints on the government.

                 In the long run, 2009-14, the infrastructure and institutional construction sectors are expected to
                 perform well compared to commercial, industrial and residential construction sector.

                 Infrastructure construction in the UK is smaller than the commercial segment, but making it more
                 immune to the recession. In 2009, the UK government announced a £13.0 billion PFI investment in a
                 wide range of sectors, most of it targeted at infrastructure. The investment includes funding of £3.5
                 billion for waste treatment and £3.1 billion for transport.

                 One major driver for growth in commercial and infrastructure construction is the impending Olympic
                 Games in London in 2012. The Games are expected to generate one of the largest construction and
                 regeneration initiatives in Europe, with construction work in the order of £4.0 billion for projects such as
                 sports stadiums, accommodation and other infrastructure.




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CONSTRUCTION MARKET



                 Infrastructure construction is expected to see strong growth in the forecast period. The historical growth
                 rate (2004-09) of the sector stood at 2.7%, while it is forecasted to grow at 5.9% for 2009-14.

                 The value of new construction projects in the industrial sector has come down by 50% in 2009,
                 compared to the previous year. Many contractors and developers have shelved or postponed their
                 projects due to lack of finance. Given the weak demand and low consumer spending, players have
                 been reluctant to commit to their planned new projects. As such the market is estimated to be dreary in
                 2009, but rebound at a healthy rate in 2010.



3.2 Construction Market Data

       The UK construction market was valued at £100,087 million (US$185,680 million) in 2008, a growth of 1.1% on
       2007. The market achieved a compounded annual growth rate (CAGR) of 4.7% over the period 2004-2008.

       According to WMI, the UK construction market is expected to be valued at £84,847 million (US$157,406 million)
       in 2014, compared to an estimated value of £86,976 million (US$161,356 million) in 2009. The market is
       expected to achieve a negative CAGR of -0.5% over the period 2009-2014.

       The leading segment in the UK construction market was residential construction with £48,199 million
       (US$89,417 million) of revenues in 2008, accounting for 48.2% of the overall construction market. The second-
       largest segment was commercial construction, which accounted for a value of £24,999 million (US$46,377
       million) in 2008. Institutional construction, which accounted for £15,871 million (US$29,443.5 million) in 2008,
       was the third-largest construction segment.

        For 2009, WMI estimates that the corresponding figures will be £40,527 million (US$75,185 million) for
       residential construction, £21,278 million (US$39,474 million) for commercial construction, £15,328 million
       (US$28,436 million) for institutional construction.

       Institutional construction was the fastest growing segment in the construction market, with a CAGR of 9.2%
       over the period 2004-2008, followed by commercial construction (CAGR of 6.0%), and infrastructure
       construction (CAGR of 3.5%) over the same period.

        According to WMI, the infrastructure construction is expected to be the fastest growing segment in the
       construction market, with a CAGR of 5.9% over the period 2009-2014, followed by institutional construction
       (CAGR of 1.1%), and commercial construction (negative CAGR of -0.9%) over the same period.




The Future of Construction in UK                                                                       Published March 2010

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CONSTRUCTION MARKET




         Figure 1: UK Overall Construction Market & Market Forecast (£ mn), By Project Type, 2004-14F




        Source: World Market Intelligence analysis                                            / © World Market Intelligence



       In growth terms, for the overall construction market, the leading segment with share 48.2% - residential
       construction, witnessed negative CAGR growth of -1.0% over the period 2004-09, and is expected to
       experience negative CAGR of -2.1% over the period 2009-14. Institutional construction witnessed the highest
       CAGR of 6.6% over the period 2004-09 and is expected to experience a CAGR of 1.1% over the period 2009-
       14. WMI estimates that infrastructure is expected to witness highest CAGR growth of 5.9% over the period
       2009-14.




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CONSTRUCTION MARKET




         Figure 2: UK Overall Construction Market Dynamics, By Project Type, 2004-14F




        Source: World Market Intelligence analysis                                                            / © World Market Intelligence



       The following tables provide detailed data on overall UK construction market historic and forecast values,
       growth and share by project type, presented in £ and in US$ at constant 2008 exchange rates:


         Table 2:        UK Overall Construction Market (£ bn), By Project Type, 2004-09E
                                                                                                                        CAGR         CAGR
         Channel group                      2004          2005          2006          2007        2008      2009E      2004-08      2004-09
         Commercial construction        19,774.9      20,186.5      21,910.3      25,394.6     24,998.6   21,277.9        6.0%         1.5%
         Infrastructure construction      6,158.0       6,143.6      5,955.3       6,283.9      7,062.6    7,046.1        3.5%         2.7%
         Industrial construction          3,581.6       3,526.1      3,994.9       4,195.6      3,956.4    2,796.9        2.5%        -4.8%
         Institutional construction     11,144.0      11,441.2      12,665.8      12,947.5     15,871.0   15,328.1        9.2%         6.6%
         Residential construction       42,565.2      44,907.3      47,671.1      50,173.0     48,198.7   40,526.9        3.2%        -1.0%
         Overall                        83,223.8      86,204.7      92,197.4      98,994.5    100,087.3   86,975.9        4.7%         0.9%

        Source: World Market Intelligence analysis                                                            / © World Market Intelligence




The Future of Construction in UK                                                                                      Published March 2010

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CONSTRUCTION MARKET




         Table 3:        UK Overall Construction Market Forecast (£ bn), By Project Type, 2009E-2014
                                                                                                                                                CAGR
         Channel group                       2009E           2010F           2011F               2012F             2013F          2014F        2009-14
         Commercial construction           21,277.9        20,144.6        19,811.0         19,932.2             20,128.5       20,360.1         -0.9%
         Infrastructure construction        7,046.1         7,127.9         7,490.2             8,052.3           8,688.8        9,391.0          5.9%
         Industrial construction            2,796.9         2,643.6         2,544.5             2,505.7           2,476.6        2,451.8         -2.6%
         Institutional construction        15,328.1        14,721.6        14,633.9         15,026.9             15,543.1       16,162.8          1.1%
         Residential construction          40,526.9        37,902.5        36,822.4         36,597.9             36,509.7       36,481.3         -2.1%
         Overall                          86,975.9         82,540.1        81,302.0         82,115.0             83,346.7      84,847.0           -0.5%
        Source: World Market Intelligence analysis                                                                       / © World Market Intelligence



         Table 4:        UK Overall Construction Market Segmentation (%), By Project Type, 2004-2014
         Channel group                                      2004                         2008                          2009E                    2014F
         Commercial construction                           23.8%                       25.0%                           24.5%                    24.0%
         Infrastructure construction                        7.4%                         7.1%                           8.1%                    11.1%
         Industrial construction                            4.3%                         4.0%                           3.2%                      2.9%
         Institutional construction                        13.4%                       15.9%                           17.6%                    19.0%
         Residential construction                          51.1%                       48.2%                           46.6%                    43.0%
         Overall                                         100.0%                       100.0%                          100.0%                    100.0%
        Source: World Market Intelligence analysis                                                                      / © World Market Intelligence



         Table 5:        UK Overall Construction Market (US$ mn), By Project Type, 2004-09E
                                             2004         2005           2006           2007              2008         2009E       CAGR         CAGR
         Channel group                                                                                                            2004-08      2004-09
         Commercial construction         36,686.0      37,449.6       40,647.6     47,111.6         46,376.9        39,474.4         6.0%         1.5%
         Infrastructure construction     11,424.3      11,397.5       11,048.1     11,657.7         13,102.5        13,071.7         3.5%         2.7%
         Industrial construction          6,644.6       6,541.6        7,411.3        7,783.5        7,339.9          5,188.7        2.5%        -4.8%
         Institutional construction      20,674.2      21,225.4       23,497.3     24,019.9         29,443.5        28,436.3         9.2%         6.6%
         Residential construction        78,966.1      83,311.1       88,438.5     93,079.9         89,417.2        75,184.7         3.2%        -1.0%
         Overall                       154,395.2      159,925.2    171,042.8     183,652.7         185,680.0       161,355.9        4.7%          0.9%
        Source: World Market Intelligence analysis                                                                      / © World Market Intelligence



         Table 6:        UK Overall Construction Market Forecast (US$ mn), By Project Type, 2009E-2014
                                             2009E           2010F           2011F               2012F             2013F          2014F         CAGR
         Channel group                                                                                                                         2009-14
         Commercial construction           39,474.4       37,371.8         36,753.0        36,977.9              37,342.1       37,771.6         -0.9%
         Infrastructure construction       13,071.7       13,223.4         13,895.6        14,938.6              16,119.4       17,422.0          5.9%
         Industrial construction            5,188.7         4,904.3         4,720.6             4,648.5           4,594.5        4,548.6         -2.6%
         Institutional construction        28,436.3       27,311.3         27,148.5        27,877.5              28,835.3       29,984.9          1.1%
         Residential construction          75,184.7       70,315.9         68,312.2        67,895.7              67,732.0       67,679.4         -2.1%
         Overall                         161,355.9       153,126.8        150,829.8       152,338.1          154,623.2     157,406.4           -0.5%
        Source: World Market Intelligence analysis                                                                    / © World Market Intelligence




The Future of Construction in UK                                                                                                 Published March 2010

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CONSTRUCTION MARKET




3.3 Commercial construction

        The commercial construction market is defined as the construction of projects as office buildings (public- and
        private-sector), shopping centers, sports complexes, and hotels.


3.3.1     Commercial construction overview

                 The UK commercial construction market is estimated to be worth £21,277 million ($39,474 million) for
                 the year 2009. Office construction is the leading sector. In 2008, this sector accounted for 38.0% of the
                 construction value and recorded growth for the period 2004-2009, a CAGR of 7.8%.

                 Leisure & hospitality buildings recorded significant growth over the historical period (2004-2009), at a
                 CAGR of 6.4%. Even during the forecast period (2009-2014), this sector is expected to drive the
                 market, although at a slower pace, at a CAGR of 5.8%.

                 The second largest construction sector in terms of value, retail buildings, witnessed CAGR growth of
                 1.3% over the historical period (2004-09) and is forecast to see overall declines in construction value in
                 the future years (2009-14)

                 In non-residential construction, other than industrial buildings, the commercial segment was the one
                 most affected by the recession. Projects in the office and retail sectors were shelved as developers
                 suffered from weak demand and credit difficulties. Health and community & amenity contractors also
                 experienced tough markets due to recession.

                 Government spending on the healthcare sector is likely to boost the construction in this sector. Another
                 booster for this sector would be the 2012 Olympic Games, which would demand for greater spending in
                 the leisure and hotel sector.

                 The UK commercial construction industry is expected to witness a sharp downturn as banks refuse
                 financing and demand from tenants weakens. As much as 40.0% of planned shopping-center space will
                 be abandoned or delayed over the next five years. Commercial property values declined 14.0% in the
                 12 months ended March 31, 2009 and is anticipated to fall further as the slowing economy makes
                 tenants reluctant to pay higher rents or lease space.


3.3.2     Commercial construction market data

        The UK commercial construction market was valued at £24,998.6 million (US$46,376.9 million) in 2008, a
        decline of -1.6% on 2007. The market achieved a compounded annual growth rate (CAGR) of 6.0% over the
        period 2004-2008.

        According to WMI, the UK commercial construction market is expected to be valued at £20,360.1 million
        (US$37,771.6 million) in 2014, compared to an estimated value of £21,277.9 million (US$39,474.4 million) in
        2009. The market is expected to achieve a negative CAGR of -0.9% over the period 2009-2014.




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CONSTRUCTION MARKET



       The leading segment in the UK commercial construction market was office buildings with £9,490.9 million
       (US$17,607.4 million) of revenues in 2008, accounting for 38.0% of the overall commercial construction market.
       The second-largest segment was retail buildings, which accounted for a value of £5,552.1 million (US$10,300.2
       million) in 2008. Other commercial construction, which accounted for £5,194.9 million (US$9,637.4 million) in
       2008, was the third-largest commercial construction segment.

       For 2009, WMI estimates that the corresponding figures will be £7,999.0 million (US$14,839.6 million) for office
       buildings, £4,718.7 million (US$8,754.1 million) for retail buildings, £4,253.4 million (US$7,890.8 million) for
       other commercial construction.

       Office buildings were the fastest growing segment in the commercial construction market, with a CAGR of
       14.6% over the period 2004-2008, followed by leisure & hospitality buildings (CAGR of 10.6%), and outdoor
       leisure facilities (CAGR of 6.1%) over the same period.

       According to WMI, the leisure & hospitality buildings is expected to be the fastest growing segment in the
       commercial construction market, with a CAGR of 5.8% over the period 2009-2014, followed by outdoor leisure
       facilities (CAGR of 3.6%), and retail buildings (negative CAGR of -1.4%) over the same period.


         Figure 3: UK Commercial Construction Market & Market Forecast (£ mn), By Project Type, 2004-14F




        Source: World Market Intelligence analysis                                            / © World Market Intelligence




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CONSTRUCTION MARKET




       In growth terms, for the overall commercial construction market, the leading segment with share 38.0% - office
       buildings, witnessed the highest CAGR growth of 7.8% over the period 2004-09, and is expected to experience
       negative CAGR of -2.2% over the period 2009-14. WMI estimates that leisure & hospitality building is expected
       to witness highest CAGR growth of 5.8% over the period 2009-14.


         Figure 4: UK Commercial Construction Market Dynamics, By Project Type, 2004-14F




        Source: World Market Intelligence analysis                                                                  / © World Market Intelligence




       The following tables provide detailed data on overall UK construction market historic and forecast values,
       growth and share by project type, presented in £ and in US$ at constant 2008 exchange rates:


         Table 7:           UK Commercial Construction Market (£ mn), By Project Type, 2004-09E
                                                                                                                       CAGR 2004-          CAGR
         Channel group                          2004        2005        2006        2007         2008      2009E               08       2004-09E
         Leisure & hospitality buildings     1,971.7     1,975.4     2,211.8     2,603.9       2,951.6    2,691.6            10.6%           6.4%
         Office buildings                    5,502.3     6,200.6     7,502.8     9,802.2       9,490.9    7,999.0            14.6%           7.8%
         Outdoor leisure facilities          1,427.8     1,372.7     1,474.5     1,664.8       1,809.0    1,615.2             6.1%           2.5%
         Retail buildings                    4,420.3     4,530.1     4,850.0     5,638.9       5,552.1    4,718.7             5.9%           1.3%
         Other commercial construction       6,452.8     6,107.7     5,871.3     5,684.8       5,194.9    4,253.4             -5.3%         -8.0%
         Overall                           19,774.9     20,186.5    21,910.3    25,394.6      24,998.6   21,277.9             6.0%            1.5%
        Source: World Market Intelligence analysis                                                                  / © World Market Intelligence




The Future of Construction in UK                                                                                            Published March 2010

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CONSTRUCTION MARKET




         Table 8:           UK Commercial Construction Market Forecast (£ mn), By Project Type, 2009E-2014
                                                                                                                                                  CAGR
         Channel group                                    200 E 9         2010F        2011F           2012F           2013F           2014F     2009-14
         Leisure & hospitality buildings                   2,691.6       2,727.0      2,866.8         3,079.5         3,316.3         3,572.6      5.8%
         Office buildings                                  7,999.0       7,490.2      7,277.3         7,225.0         7,190.9         7,159.6      -2.2%
         Outdoor leisure facilities                        1,615.2       1,602.3      1,649.2         1,734.6         1,828.9         1,929.1      3.6%
         Retail buildings                                  4,718.7       4,455.8      4,365.6         4,370.7         4,386.6         4,404.3      -1.4%
         Other commercial construction                     4,253.4       3,869.3      3,652.1         3,522.5         3,405.9         3,294.4      -5.0%
         Overall                                          21,277.9    20,144.6       19,811.0       19,932.2        20,128.5   20,360.1          -0.9%
        Source: World Market Intelligence analysis                                                                      / © World Market Intelligence



         Table 9:           UK Commercial Construction Market Segmentation (%), By Project Type, 2004-2014
         Channel group                                                     20
								
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