Project performance report · July 2026
M&E Subcontract · Leodis Developments Ltd
Director's summary · July 2026
At a glance
Forecast margin is 28.1%, down from 34.5% in June. This is not general slippage: we have taken a fuller look at the electrical labour still to come, and HVAC has taken on a good deal of extra work. Forecast profit is (£14,991) lower than the June view.
Forecast profit
£201,393
28.1% · (£38,759) below priced
Complete
49.6%
by value certified · finish Dec 2026
Resource return
£283 a day
earned GP per labour day, just below the £297 target
Funded ahead
£67,079
received ahead of certified · working capital, no retention
£354,828 certified · £360,613 of work still to bill · value now runs ahead of cost, reversing the June position
Where the job stands today: what the client has paid, what we have certified as done, and what we have spent. The client is paying ahead of the work certified, so we treat that lead as working capital, not profit.
Performance scorecard · to date
Money in
£421,906
received, net of 5% VAT
Money certified
£354,828
value of completed work · 49.6%
Money spent
£222,713
cost to date · 43.3% of final cost
Cash received and value certified are shown against the £715,441 contract; cost is shown against the £514,048 we expect to spend in total.
The £199,193 is money in less cost, not profit earned. We treat it as working capital, and it is not used in the resource view on the expected outcome tab.
The job is 49.6% complete by the value of work signed off, against 43.3% of the expected cost spent, so value is ahead of cost overall. The bars below are all drawn to the same scale, so their length shows how big each trade is, and the gold line marks each trade's budget. Where a bar runs past its line, in red, that trade is forecast to finish over budget. Electrical is the clear concern at a quarter over; HVAC and plumbing and heating each run a little over; the grouped lump sum lines, the biggest single cost on the job, land on budget.
All four trades are on the same scale, so bar length shows the real size of the spend. The gold line is each trade's budget, and the red shows how far the forecast runs past it. Electrical is the real overspend, a quarter over on the second biggest trade.
What the work still to come needs and brings in over the five months to December, and the risks that could shift the forecast before the job finishes.
Performance scorecard · remaining work
Cost to complete
£291,335
spend still to come
Labour days left
358
across 5 months to Dec 2026
Gross profit to earn
£69,278
£13,856 a month
Remaining revenue
£360,613
work still to bill
Remaining cost
£291,335
spend still to come
Remaining gross profit
£69,278
19.2% · £193 a labour day
The job needs 358 more days of labour to finish. Plumbing and heating finishes by the end of September; HVAC and electrical run through to December. The table shows how many days each trade needs by month, and what share that is of the whole company's capacity for that trade. These numbers feed the company wide resource plan, where they are added to every other live job against our capacity of 2,724 days a year.
| Trade | Aug | Sep | Oct | Nov | Dec | Total | Peak capacity |
|---|---|---|---|---|---|---|---|
| Plumbing & Heating | 10.0 | 10.0 | — | — | — | 20 | 11% |
| Electrical | 48.0 | 48.0 | 48.0 | 48.0 | 48.0 | 240 | 51% |
| HVAC | 17.6 | 17.6 | 17.6 | 17.6 | 17.6 | 88 | 47% |
| Trade days | 75.6 | 75.6 | 65.6 | 65.6 | 65.6 | 348 |
A further 10 days of preliminaries and testing sit across the period, taking the total to 358. Peak capacity is the busiest month's days set against what we can do in that trade in a month (plumbing and heating 94.6, electrical 94.6, HVAC 37.8 days). Spreading the days evenly within each trade's window is a placeholder until we have a programme profile.
Amber where this one job takes a large share of a trade's monthly capacity, green where it leaves plenty free. Through to December it takes about half our electrical and HVAC capacity every month. That is exactly the sort of thing the company wide resource plan is there to catch across all live jobs.
These are the costed trades whose forecast margin now differs from the price. Electrical is the big mover, falling from 39.8% to 24.9% on the revised labour forecast. Plumbing and heating drops on its base work. HVAC gives back a little on the new work but keeps a strong margin, and the grouped lump sum lines are broadly flat.
| Trade | Charge | Priced margin | Forecast margin | Movement | Cost spent |
|---|---|---|---|---|---|
| Plumbing & Heating | £83,296 | 25.1% | 18.3% | (6.8 pts) | 61% |
| Electrical | £191,278 | 39.8% | 24.9% | (14.9 pts) | 35% |
| HVAC | £195,423 | 47.6% | 45.2% | (2.4 pts) | 44% |
| Other lump sum lines | £246,753 | 20.8% | 20.9% | +0.1 pts | 43% |
| Full contract | £716,750 | 33.7% | 28.3% | (5.4 pts) | 43% |
Charge here is the cost model's contract value, which carries the savings gross and reads £1,309 above the £715,441 contract we work to. On that contract value the forecast is £201,393, a 28.1% margin.
Electrical labour forecast has risen sharply
Electrical is now forecast at 414 days of labour against about 261 priced, with 240 still to come, dropping the margin to 24.9% from 39.8%. This is the biggest single reason the job is now below its price, and it has pushed completion to December. Track the days used against site progress each month.
Owner: Operations. Action: check the electrical labour forecast against site output each week
Plumbing and heating base work is forecast to lose money
The base plumbing and heating line is forecast to finish below cost, and it is only pulled up to an 18.3% trade margin by the August variation. Two thirds of the cost is already spent, so the position is close to fixed, but it is worth a look before we commit any more cost.
Owner: Operations. Action: review the plumbing and heating work and cost still to come
New HVAC work just added, not started yet
The bigger HVAC variation adds £55,668 of value at a priced 38% margin but has not started on site, so its £34,490 of cost is all still to come. The forecast now carries its materials in full. Confirm it delivers at the priced margin as the work is done.
Owner: Commercial. Action: check the HVAC variation delivers at its priced margin
Two of the source sheets do not fully tie up
The contract value we work to is the balance variations sheet at £715,441; the cost model carries £1,309 more in its charge column. The difference is tiny and left as is for now, but the two should be tied line by line at the next valuation.
Owner: Commercial. Action: tie the balance variations and cost model sheets together
Where the job is now and the forecast for the rest, put together into one view of how it is expected to finish against the price, and the labour it uses from start to finish.
Performance scorecard · at completion
Forecast final cost
£514,048
costs to end July
Contract value
£715,441
balance variations basis
Forecast gross profit
£201,393
28.1% margin
This sets how the job was priced against where it is now forecast to finish, on the £715,441 contract. It was priced to make £240,152 of gross profit at 33.6%. On current costs it is forecast to make £201,393 at 28.1%, which is £38,759 worse, almost all of it electrical. The chart shows where the movement comes from, trade by trade.
Priced gross profit
£240,152
33.6% on the £715,441 contract
Forecast gross profit
£201,393
28.1%, eroded by electrical
Gross profit variance
(£38,759)
(5.4 pts) vs price · unfavourable
Total movement (£38,759). Electrical is nine tenths of the fall; the other trades are small next to it.
| Trade | Charge | Priced cost | Priced margin | Forecast cost | Forecast margin | Movement |
|---|---|---|---|---|---|---|
| Plumbing & Heating | £83,296 | £62,376 | 25.1% | £68,076 | 18.3% | (6.8 pts) |
| Electrical | £191,278 | £115,065 | 39.8% | £143,676 | 24.9% | (14.9 pts) |
| HVAC | £195,423 | £102,490 | 47.6% | £107,187 | 45.2% | (2.4 pts) |
| Other lump sum lines | £246,753 | £195,359 | 20.8% | £195,109 | 20.9% | +0.1 pts |
| Full contract | £716,750 | £475,289 | 33.7% | £514,048 | 28.3% | (5.4 pts) |
HVAC now carries the bigger August variation and its materials in full. On the £715,441 contract the forecast is £201,393 at 28.1%.
Forecast gross profit
£201,393
£16,783 a month over twelve months
Fair share at target
£211,792
26% of the labour, valued at target
Against fair share
(£10,400)
95% of its share of the target
Each of the 712 days of labour the job uses makes £283 of gross profit, above the £209 we need to break even but short of the £297 we aim for across the business. The gauge runs to £600 a day.
It uses 26% of our labour over the twelve months but covers 35% of the £570,000 of overheads we need to cover in that time, so it still pulls a little more than its weight. The profit target for the period is £810,000.
| Line | Charge | Priced cost | Cost to date | Forecast cost | Forecast margin |
|---|---|---|---|---|---|
| Plumbing & Heating (incl. Aug variation) | £83,296.05 | £62,375.50 | £41,501.00 | £68,076.00 | 18.3% |
| Electrical (net of savings) | £191,277.50 | £115,064.50 | £50,151.00 | £143,675.50 | 24.9% |
| HVAC (incl. Aug variation) | £195,422.83 | £102,490.00 | £46,997.39 | £107,187.39 | 45.2% |
| Other lump sum lines | £246,753.40 | £195,359.47 | £84,063.53 | £195,109.47 | 20.9% |
| Full contract | £716,749.78 | £475,289.47 | £222,712.92 | £514,048.36 | 28.3% |
Other lump sum lines cover the Oldfield supply, underfloor heating, the subcontracted security packages, preliminaries, design, testing and utilities. Charge carries the savings gross and reads £1,309 above the £715,441 contract we work to.
The client has paid £443,002 so far, which is £421,906 once the 5% VAT is taken off. Against that, the value of work completed is £354,828, or 49.6% of the £715,441 contract, and we have spent £222,713. So the client has paid £67,079 more than the work certified, and with no retention held the job is funded ahead of progress. Money in less money spent leaves £199,193, but that is working capital from being paid early, not profit earned, and it will unwind as the rest of the materials heavy work is billed.