Project performance report · June 2026 · Application 2
M&E Subcontract · Leodis Developments Ltd
Director's summary · June 2026
At a glance
Forecast margin
£31,075
30.2% · £319 above the 29.9% price
Applied ahead of cost
£3,952
Value applied now leads cost, reversing May
Complete
32.2%
By value applied · about three months to run
Labour efficiency
£255 a day
Whole job GP per labour day, above break even, below the £297 target
£33,199 applied · £69,801 of work still to bill · the two percentages sit on different bases, but in pounds the value applied now leads cost by £3,952
| Trade | Labour days | Labour | Materials & packages | Priced cost | Sell value | Priced margin | Margin % |
|---|---|---|---|---|---|---|---|
| Plumbing & Heating | 51.0 | £10,200 | £18,370 | £28,570 | £41,408 | £12,838 | 31.0% |
| Electrical — General | 54.5 | £10,900 | £12,139 | £23,039 | £33,486 | £10,447 | 31.2% |
| Electrical — Fire Detection | 7.0 | £1,400 | £3,843 | £5,243 | £7,714 | £2,471 | 32.0% |
| Preliminaries & Management | — | £0 | £0 | £0 | £4,000 | £4,000 | 100.0% |
| Design | — | £0 | £4,000 | £4,000 | £4,500 | £500 | 11.1% |
| Underfloor Heating | — | £0 | £11,392 | £11,392 | £11,892 | £500 | 4.2% |
| Full contract | 112.5 | £22,500 | £49,744 | £72,244 | £103,000 | £30,756 | 29.9% |
Labour is 112.5 days at the £200 day rate; materials and packages are the priced cost less labour. Sell value is the cost model contract value net of the £1,652 main contractor discount, summing to the £103,000 contract. Only the plumbing and heating and electrical trades carry site labour.
Where the job stands at 30 June: what has been applied for, what is left to certify after retention, and what has been spent. For the first time the cost and the application are drawn to the same date, so the two can be read like for like.
Performance scorecard · to date
Value applied
£33,199
32.2% of the contract, cumulative
Certified net
£31,539
after 5% retention of £1,660
Money spent
£29,246
cost to date · 40.7% of forecast cost
Application 2 is cut to 30 June 2026 and the cost model is drawn to the same date, so the three week timing gap that clouded the May review is closed and cost and value can be compared like for like. Cumulative applied stands at £33,199, or 32.2% of the £103,000 contract, of which £19,471 falls in this period. After five percent retention of £1,660 the client owes £31,539 net to date, with £18,497 due on this application. Cost incurred is £29,246, so value applied sits £3,952 ahead of cost, the reverse of May where cost led by £5,673 at a date three weeks behind the application. A further £69,801 of measured works remains to bill.
Bars sit on different bases, value applied on the £103,000 contract and cost on the £71,925 forecast final cost, so cost reads the higher share even though in pounds value leads.
The cost model and the application are both drawn to 30 June, so value applied and cost are compared like for like. This margin to date is carried into the resource section as the current gross profit.
Gross profit to date
£3,952
£1,317 a month over three months
Fair share at target
£24,532
12% of the labour, valued at target
Below fair share
(£20,580)
16% of its share of the target
Each of the 82.5 labour days drawn to 30 June has returned only £48 of gross profit, well below the £209 break even rate, because cost has run almost level with the value applied. The gauge runs to £900 a day on this report so the remaining work sits on the same scale.
Draws 12% of the labour over the three months to date but covers only 3% of the £142,500 break even overhead for the period. Profit target for the period £202,500.
Average monthly days over the three months to date, against each trade's monthly capacity of 94.6 days. This job draws only the plumbing and heating and electrical trades.
| Measure | Annual | Period |
|---|---|---|
| Resource share of capacity | 3.0% | 12.1% |
| GP vs break even | 0.7% | 2.8% |
| GP vs profit target | 0.5% | 2.0% |
| Trade | Days used | Used / mth | Capacity / mth | % monthly | % annual |
|---|---|---|---|---|---|
| Plumbing & Heating | 37.5 | 12.5 | 94.6 | 13.2% | 3.3% |
| Electrical | 45.0 | 15.0 | 94.6 | 15.9% | 4.0% |
| Trades | 82.5 | 27.5 | 189.2 | 14.5% | 3.6% |
All 82.5 labour days to date are trade days; the preliminaries, design and underfloor heating lines carry no labour. Gross profit to date is the cumulative value applied less cost incurred, both to 30 June.
Of the £71,925 forecast final cost, £29,246 has been spent, so the job is 40.7% through its cost while 32.2% applied by value. Labour is well ahead of materials: 82.5 of the 112.5 priced days are used, 73%, but only £8,534 of the £30,352 materials budget has been spent, 28%. The material spend is heavily back loaded into work that has barely started, so progress measured in days runs ahead of how far through the cost the job really is. The left panel sets how far each group is through its forecast cost; the right splits cost incurred from cost still to come.
Bar is the share of each group's forecast final cost already spent. The two labour trades are about half way through, while the underfloor heating package, unstarted, holds most of the unspent cost.
What the remaining work is expected to require and return over the roughly three months to completion, and the risks that could move the forecast before the job closes out. The remaining figures are the price less spend to date, not a fresh site assessment.
Performance scorecard · remaining work
Cost to complete
£40,891
priced basis, spend still to come
Labour days left
46.5
of 129 forecast · about 3 months
Gross profit to earn
£28,910
£9,637 a month
Gross profit still to earn
£28,910
£9,637 a month over three months
Fair share at target
£13,827
7% of the labour, valued at target
Above fair share
+£15,083
209% of its share of the target
Each of the 46.5 labour days still to come returns £622 of gross profit on the priced basis, well clear of the £297 target rate, as the remaining lines carry far more material than labour. Read against the price rather than a fresh site assessment.
Draws 7% of the labour over the three months to completion but covers 20% of the £142,500 break even overhead for the period, so it returns far more overhead than the labour it uses. Profit target for the period £202,500.
Filled shows the days Meadow Croft needs each month; the rest is spare for other work. Figures are trade labour only. Total capacity is 2,724 days a year (P&H 1,135, Electrical 1,135, HVAC 454); this job draws no HVAC. Break even overhead is £570,000 a year; the profit target adds £240,000.
| Measure | Annual | Period |
|---|---|---|
| Resource share of capacity | 1.7% | 6.8% |
| GP vs break even | 5.1% | 20.3% |
| GP vs profit target | 3.6% | 14.3% |
| Trade | Days left | Need / mth | Capacity / mth | % monthly | % annual |
|---|---|---|---|---|---|
| Plumbing & Heating | 13.5 | 4.5 | 94.6 | 4.8% | 1.2% |
| Electrical | 33.0 | 11.0 | 94.6 | 11.6% | 2.9% |
| Trades | 46.5 | 15.5 | 189.2 | 8.2% | 2.0% |
All 46.5 remaining labour days are trade days. Remaining gross profit is the future measured works of £69,801 less the priced remaining cost of £40,891.
Two lines now move against the price, in opposite directions. Preliminaries and management was priced to cost nothing, a pure margin line, but has drawn £1,012 of cost, taking its margin to 74.7%. Against it, electrical is forecast to finish cheaper: the materials have come in at £7,508 against the £12,139 tendered, a £4,631 saving that more than covers the extra electrical labour days, lifting its margin from 31.4% to 34.6%. The electrical improvement outweighs the preliminaries cost, so the two leave the job £319 ahead of the price. The remaining lines are forecast at their priced cost.
| Line | Charge | Priced margin | Forecast margin | Movement | Cost spent |
|---|---|---|---|---|---|
| Electrical | £41,200 | 31.4% | 34.6% | +3.2 pts | 53% |
| Line | Charge | Priced margin | Forecast margin | Movement | Cost spent |
|---|---|---|---|---|---|
| Preliminaries & Management | £4,000 | 100.0% | 74.7% | -25.3 pts | 100% |
Cost spent is the share of each line's forecast final cost already incurred. Electrical is about half spent, so the materials saving is still partly a forecast and could move as the parts are bought; preliminaries is fully committed. Plumbing and heating, design and underfloor heating are all forecast to finish at their priced cost.
Remaining cost is priced, not reassessed
With no dedicated project manager on site, the 46.5 remaining days and £18,199 of remaining materials are the quote less spend to date, not an assessment of what the work still needs. This understates the risk of an overrun and of under application, both of which can only be confirmed by a site review of progress against cost.
Owner: Operations — action: obtain a site view of work remaining to test the priced figures
Material spend is heavily back loaded
Only 28% of the materials budget has been spent. The plant room, the underfloor heating package and the bulk of the electrical materials are still to be bought, so the largest exposure to price movement sits ahead of the job, not behind it. The favourable electrical materials forecast in particular depends on those prices holding when the parts are ordered.
Owner: Procurement — action: confirm prices on the electrical materials, plant room and underfloor heating before order
Cost and application now aligned to the same date
The May review carried a three week gap between the cost date and the application date. Both are now confirmed as drawn to 30 June, which closes that gap and is what lets value be compared with cost like for like. The £3,952 by which value leads cost is therefore a real position rather than a timing artefact, a clear improvement on May.
Owner: Commercial — action: hold both to the same date at each future valuation
Cost actuals tracked only at trade level
The cost model records spend against Plumbing and Heating and Electrical as a whole, not against each room or line, so cost performance cannot be checked line by line. The per room breakdown in the price remains a budget only view until actuals are captured at that level.
Owner: Commercial — action: capture cost at line level if closer monitoring is required
The current position and the forecast for the remainder combined into a single view of how the job is expected to finish against the price.
Performance scorecard · at completion
Forecast final cost
£71,925
£319 under budget
Contract value
£103,000
net of £1,652 discount
Forecast gross profit
£31,075
30.2% margin
This is how the job was priced set against where it is now forecast to land, taken from the priced vs actual cost model. The work was priced to return £30,756 of gross profit at 29.9%. On current costs it is forecast to deliver £31,075 at 30.2%, £319 ahead of the price. Two lines move: electrical improves by £1,331 as its materials come in below the tender, and preliminaries erodes by £1,012 on cost against its zero price. The electrical gain outweighs the preliminaries cost. The chart shows where the movement comes from.
Priced gross profit
£30,756
29.9% on £103,000
Forecast gross profit
£31,075
30.2% — electrical materials saving
Gross profit variance
+£319
+0.3 pts vs price · favourable
Net movement +£319. Electrical adds +£1,331 as its materials come in below the tender, preliminaries and management costs (£1,012); every other line finishes at its priced margin.
The table sets the priced cost and margin for each line against the forecast. Plumbing and heating holds its 31.0% and is the largest costed trade; electrical improves to 34.6% as its forecast materials come in below the tender, more than covering extra labour days. Preliminaries and management, priced as a pure margin line, now carries £1,012 of cost, and underfloor heating remains the thinnest line at 4.2% as a bought in package. The forecast rests on the priced remaining cost, so the trade margins other than the two movers are the priced margins carried forward.
| Line | Charge | Priced cost | Priced margin | Forecast cost | Forecast margin | Movement |
|---|---|---|---|---|---|---|
| Plumbing & Heating | £41,408 | £28,570 | 31.0% | £28,570 | 31.0% | — |
| Electrical | £41,200 | £28,282 | 31.4% | £26,951 | 34.6% | +3.2 pts |
| Preliminaries & Management | £4,000 | £0 | 100.0% | £1,012 | 74.7% | -25.3 pts |
| Design | £4,500 | £4,000 | 11.1% | £4,000 | 11.1% | — |
| Underfloor Heating | £11,892 | £11,392 | 4.2% | £11,392 | 4.2% | — |
| Full contract | £103,000 | £72,244 | 29.9% | £71,925 | 30.2% | +0.3 pts |
Charge is the cost model sell value, which sums to the £103,000 net contract. Electrical combines the general works and the fire detection line. Only electrical and preliminaries move against the price; the rest are the priced margins carried into the forecast.
Forecast gross profit
£32,862
£5,477 a month over six months
Fair share at target
£38,359
9% of the labour, valued at target
Against fair share
(£5,497)
86% of its share of the target
Across the whole job each of the 129 labour days returns £255 of gross profit, clear of the £209 break even rate and approaching the £297 target rate the whole business runs to.
Draws 9% of the labour across the whole job but covers 12% of the £285,000 break even overhead for the six months, so it returns more overhead than the labour it draws. Profit target for the period £405,000.
Average monthly days over the six months of the job, against each trade's monthly capacity. Whole job days are 51 plumbing and heating and 78 electrical, 129 across the trades.
| Measure | Annual | Period |
|---|---|---|
| Resource share of capacity | 4.7% | 9.5% |
| GP vs break even | 5.8% | 11.5% |
| GP vs profit target | 4.1% | 8.1% |
| Trade | Days | Used / mth | Capacity / mth | % monthly | % annual |
|---|---|---|---|---|---|
| Plumbing & Heating | 51.0 | 8.5 | 94.6 | 9.0% | 4.5% |
| Electrical | 78.0 | 13.0 | 94.6 | 13.7% | 6.9% |
| Trades | 129.0 | 21.5 | 189.2 | 11.4% | 5.7% |
The whole job gross profit of £32,862 is struck as the cash to date plus the remaining measured works less the priced remaining cost, and so runs about £1,800 above the £31,075 cost model forecast. The difference is the £4,000 lagging material and the electrical actuals, which the model carries in its final cost but not evenly in the used and remaining split. The break even and target hurdles are the six month figures for the job, £285,000 and £405,000.
| Line | Charge | Priced cost | Cost to date | Forecast cost | Forecast margin |
|---|---|---|---|---|---|
| Costed trades | |||||
| Plumbing & Heating | £41,407.69 | £28,570.00 | £12,013.86 | £28,570.00 | 31.0% |
| Electrical — General | £33,486.00 | £23,039.40 | £14,220.94 | £21,708.44 | 35.2% |
| Electrical — Fire Detection not started | £7,714.31 | £5,243.00 | £0.00 | £5,243.00 | 32.0% |
| Other lines | |||||
| Preliminaries & Management | £4,000.00 | £0.00 | £1,011.68 | £1,011.68 | 74.7% |
| Design | £4,500.00 | £4,000.00 | £2,000.00 | £4,000.00 | 11.1% |
| Underfloor Heating subcontracted | £11,892.00 | £11,392.00 | £0.00 | £11,392.00 | 4.2% |
| Full contract | £103,000.00 | £72,244.40 | £29,246.48 | £71,925.12 | 30.2% |
Only two lines differ from the priced budget: preliminaries, priced at nil cost, has drawn £1,012, while electrical general is forecast cheaper, its materials landing at £7,508 against the £12,139 tendered even on more labour days. Cost to date is captured at trade level only.
| Ref | Description | Contract value | % complete | Applied |
|---|---|---|---|---|
| 1.01 | Plumbing / DWS Distribution / Heating Distribution | £15,320.00 | 55% | £8,426.00 |
| 1.02 | Above Ground Drainage | £3,100.00 | 65% | £2,015.00 |
| 1.03 | Underfloor Heating & Screed to Ground Floor | £11,892.00 | 0% | £0.00 |
| 1.04 | Install 7no x Radiators to First Floor | £4,900.00 | 10% | £490.00 |
| 1.05 | Plant Room | £8,840.00 | 0% | £0.00 |
| 1.06 | Temporary Mechanical Services to Basement | £1,400.00 | 0% | £0.00 |
| 1.07 | Commissioning / Builders Work / Insulation | £6,700.00 | 0% | £0.00 |
| 1.08 | Electrical Works | £48,000.00 | 40% | £19,200.00 |
| 1.09 | As Built Drawings | £4,500.00 | 80% | £3,600.00 |
| Contract subtotal | £104,652.00 | 32.2% | £33,731.00 | |
| Main contractor discount | (£1,652.00) | — | (£532.47) | |
| Build cost total | £103,000.00 | 32.2% | £33,198.53 |
Percent complete is assessed on sell value, line by line, from Application 2 to 30 June 2026. Of the cumulative £33,199, this application adds £19,471; after five percent retention of £974 the net due on this application is £18,497.
This is the original tender, the baseline the three tabs are measured against. The £103,000 contract was built up from £72,244 of cost, £22,500 of it labour across 112.5 days at the £200 day rate and £49,744 of materials and packages, leaving £30,756 of gross profit at 29.9%. The two labour trades, plumbing and heating and electrical, were priced at almost the same margin, close to 31%, and carry the bulk of the profit. Three lines carry little or no margin by design: the underfloor heating and design packages are bought in at a small mark up, while preliminaries and management was priced as pure margin with no cost against it.