Project performance report · June 2026 · Application 4
M&E Subcontract · Leodis Developments Ltd
Director's summary · June 2026
At a glance
Forecast profit
£181,264
34.4% · up £10.8k on May
Payment due
£165,915
App 3 £98,131 due Jul · App 4 £67,784 due 22 Aug
Complete
52.8%
Revised finish Nov 2026
Labour efficiency
£328 a day
GP per labour day, above the £297 target rate
£280,230 certified · £250,721 of work still to bill
Project manager's summary · June 2026
Progress and spend
Spend to date
£167,463
£1.67 recovered per £1 of cost
Cost to complete
£178,357
Forecast final cost £345,820
Labour days left
251.5
Across 5 months to Nov 2026
GP still to earn
£68,497
£13,699 a month
Most of the electrical value is still to come. The lines to keep under review are MVHR at a 17.0% forecast margin, and domestic water services and communal distribution pipework, both running past their cost budget. Pending variations VO6 to VO8 sit in the application awaiting client confirmation.
Where the job actually stands today: what has been certified, what has been spent so far, and the variations in play. Margins here are read as value recovered against cost, not profit locked in, since the trades have yet to close out.
Performance scorecard · to date
Spend to date
£167,463
cost incurred · 48.4% of final cost
Value certified
£280,230
52.8% of contract
Gross profit to date
£112,768
value certified less cost to date
| Application | Gross | Retention | Net |
|---|---|---|---|
| Previous (Apps 1 to 3) | £208,878.42 | £10,443.92 | £198,434.50 |
| Application 4 | £71,352.06 | £3,567.60 | £67,784.46 |
| Cumulative | £280,230.48 | £14,011.52 | £266,218.96 |
Two contract values are in play: the cost model carries the five confirmed variations at £527,084, while the application adjusted value of £530,951 includes all eight, with VO6 to VO8 still to be confirmed. The variations register below has the full list.
Of the £345,820 forecast final cost, £167,463 has been spent, so the job is 48.4% through its cost while 52.8% certified by value. The left panel sets each trade's cost budget against how far it has progressed; the right sets what each trade has spent against what it still has to spend. Every trade has spent less of its cost budget than its progress, electrical most of all, whose parts heavy second fix sits later in the programme.
Bar is the share of each trade's cost budget spent; the mark is progress. Bar short of the mark means under budget for the stage. Electrical reads furthest under because its parts heavy second fix sits later.
These are the lines far enough through their spend that the variance is booked rather than forecast. First fix cabling, above ground drainage and containment have come in well under their priced cost, while domestic water services and communal pipework have run over. A little over half of the job's favourable movement against price is already banked here; the rest still rests on the forecast, shown in the forecast tab.
| Line | Value | Priced margin | Forecast margin | Movement | Cost spent |
|---|---|---|---|---|---|
| Domestic Water Services | £18,864 | 37.4% | 21.2% | -16.2 pts | 81% |
| Communal Distribution Pipework | £20,069 | 22.3% | 13.8% | -8.5 pts | 83% |
| Line | Value | Priced margin | Forecast margin | Movement | Cost spent |
|---|---|---|---|---|---|
| Containment | £11,380 | 35.0% | 68.5% | +33.5 pts | 94% |
| Above Ground Drainage & Lagging | £36,213 | 11.1% | 32.2% | +21.1 pts | 89% |
| 1st Fix Cabling | £76,948 | 32.7% | 51.6% | +19.0 pts | 88% |
Cost spent is the share of each line's forecast final cost already incurred. Above 80% the margin movement is effectively locked, so these lines will not swing far from here.
Gross profit earned
£112,768
£28,192 a month over four months
Fair share at target
£89,504
33% of the labour, valued at target
Above fair share
+£23,264
126% of its share of the target
Each of the 301 labour days drawn since March has returned £375 of gross profit, well clear of the £209 break even rate and the £297 target rate the whole business runs to.
Draws 33% of the labour over the four months on site but covers 59% of the £190,000 break even overhead for the period. Profit target for the period £270,000.
Average monthly days over the four months on site, against each trade's monthly capacity. Source: priced vs actual cost model, days used column.
| Measure | Annual | Monthly |
|---|---|---|
| Resource share of capacity | 11.0% | 33.1% |
| GP vs break even | 19.8% | 59.4% |
| GP vs profit target | 13.9% | 41.8% |
| Trade | Days used | Used / mth | Capacity / mth | % monthly | % annual |
|---|---|---|---|---|---|
| Plumbing & Heating | 130.5 | 32.6 | 94.6 | 34.5% | 11.5% |
| HVAC | 73.5 | 18.4 | 37.8 | 48.6% | 16.2% |
| Electrical | 97.0 | 24.2 | 94.6 | 25.6% | 8.5% |
| Trades | 301.0 | 75.2 | 227.0 | 33.1% | 11.0% |
| Variation | Value | Status |
|---|---|---|
| VO1 — Basement screed | £1,850.00 | Confirmed |
| VO2 — Wiring for fire rated windows | £686.00 | Confirmed |
| VO3 — Fire alarm | £419.00 | Confirmed |
| VO4 — Access control | £4,285.00 | Confirmed |
| VO5 — CCTV | £862.00 | Confirmed |
| VO6 — Additional basement screed contingent | £552.50 | In application, cost pending |
| VO7 — Additional cameras new | £416.00 | In application, acceptance unconfirmed |
| VO8 — Kensa pipework new | £2,898.31 | In application, 0% valued this period |
VO6 to VO8 are in Application 4 but not yet confirmed by the client on both value and cost. VO6 continues to carry a cost in the model (£300) with no matching charge, so if declined that cost would fall to be settled between Leodis and the underfloor heating contractor. The five confirmed variations are in the cost model contract value; the three pending ones are not.
What the remaining work is expected to require and return over the five months to November, and the risks that could move the forecast before the job closes out.
Performance scorecard · remaining work
Cost to complete
£178,357
spend still to come
Value still to earn
£246,854
contract value remaining
Gross profit to earn
£68,497
27.7% margin
Gross profit still to earn
£68,497
£13,699 a month over five months
Fair share at target
£74,785
22% of the labour, valued at target
Against fair share
(£6,288)
92% of its share of the target
Each of the 251.5 labour days still to come returns £272 of gross profit, above the £209 break even rate but short of the £297 target rate. Electrical is the tightest single call at a quarter of its capacity, in line with it being the strongest profit per day trade.
Draws 22% of the labour over the five months to November but covers 29% of the £237,500 break even overhead for the period, so it still returns more overhead than the labour it uses. Profit target for the period £337,500.
Filled shows the days Tetley 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). Break even overhead is £570,000 a year; the profit target adds £240,000.
| Measure | Annual | Monthly |
|---|---|---|
| Resource share of capacity | 9.2% | 22.2% |
| GP vs break even | 12.0% | 28.8% |
| GP vs profit target | 8.5% | 20.3% |
| Trade | Days left | Need / mth | Capacity / mth | % monthly | % annual |
|---|---|---|---|---|---|
| Plumbing & Heating | 98.5 | 19.7 | 94.6 | 20.8% | 8.7% |
| HVAC | 35.0 | 7.0 | 37.8 | 18.5% | 7.7% |
| Electrical | 118.0 | 23.6 | 94.6 | 25.0% | 10.4% |
| Trades | 251.5 | 50.3 | 227.0 | 22.2% | 9.2% |
These lines have barely been started, so their movement against price still rests on the forecast rather than on spend. External lighting and the distribution board are the two to watch, both forecast well below their priced margin with almost all the cost still ahead; against them small power and sanitaryware are forecast to improve. Because the spend has not happened, any of these could still move before the job closes.
| Line | Value | Priced margin | Forecast margin | Movement | Cost spent |
|---|---|---|---|---|---|
| External Lighting | £15,138 | 35.0% | 2.2% | -32.8 pts | 0% |
| Distribution Board and Consumer Unit | £19,488 | 35.0% | 12.8% | -22.2 pts | 1% |
| Line | Value | Priced margin | Forecast margin | Movement | Cost spent |
|---|---|---|---|---|---|
| Small Power | £19,108 | 35.0% | 61.8% | +26.8 pts | 0% |
| Sanitaryware / Pipework | £44,175 | 14.5% | 28.0% | +13.5 pts | 25% |
Cost spent is the share of each line's forecast final cost already incurred. With almost nothing spent, these movements are estimates and carry the most forecast risk, either way.
MVHR forecasting at a thin margin
The in house MVHR works are now forecasting at 17.0% on a final cost of £43,109 against a sell value of £51,968, having taken £25,109 of cost already at 65% complete. It is the thinnest live discipline on the job and any further cost would push the margin down materially.
Owner: Operations — action: review remaining MVHR labour and parts against the £18,000 left to spend
Electrical costs confirmed and favourable
The electrical prices that were provisional placeholders in May have now been received from Jonny Brockett and have come in below the priced budget across first fix cabling, containment, small power, lighting and fire alarm, lifting the electrical forecast margin to 44.1% and adding £21,043 of forecast gross profit. This removes the largest open item from the May report.
Owner: Commercial — action: hold the confirmed prices and monitor as the electrical works progress
Lines running past budget on cost
Domestic water services has already spent £12,061 against a priced budget of £11,800 and is forecast to finish at £14,861, taking its margin down to 21.2%. Communal distribution pipework is on a similar path at 13.8%. Both should be reviewed against the scope remaining.
Owner: Operations — action: review parts and labour on the mechanical distribution lines
Pending variations VO6 to VO8
VO6 additional basement screed, VO7 additional cameras and VO8 Kensa pipework total £3,867 and are in the application but not confirmed by the client. VO6 carries a cost with no matching charge, so if declined that cost sits between Leodis and the underfloor heating contractor.
Owner: Commercial — action: confirm client position on all three, then agree liability on VO6 if rejected
Items without cost pricing
10 Vanquish Mirrors and the electrical Testing and Commissioning line carry a contract value but no priced cost, so they are flagged in the schedule and excluded from the margin analysis to avoid a false full margin reading.
Owner: Commercial — action: enter cost pricing for these lines
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
£345,820
£36,066 under budget
Contract value
£527,084
cost model basis
Forecast gross profit
£181,264
34.4% margin
This is how the job is now priced set against where it is forecast to land. The priced cost budget has been revised up this period, mainly on MVHR, so the priced margin now reads 27.5% and returns £145,199 of gross profit. On current costs, with the electrical prices confirmed, it is forecast to deliver £181,264 at 34.4%, a favourable movement of £36,066. The chart shows where that movement comes from trade by trade.
Priced gross profit
£145,199
27.5% on £527,084
Forecast gross profit
£181,264
34.4% — electrical costs confirmed
Gross profit variance
+£36,066
+6.8 pts vs price · favourable
Net movement +£36,066, led by electrical and plumbing and heating forecasting ahead of the priced budget. Subcontracted works show no movement and are omitted.
The table below sets the priced cost and margin for each trade against the forecast. Electrical is now the strongest performer as its confirmed prices have come in below the priced budget, while HVAC is the thin trade at 17.0%. By discipline, plumbing and heating is around 63% complete and HVAC 65%, but electrical only 42%, so most of the electrical value is still to come. The tables beneath pull out the individual lines moving against the price.
| Trade | Contract value | Priced cost | Priced margin | Forecast cost | Forecast margin | Movement |
|---|---|---|---|---|---|---|
| Plumbing & Heating | £165,697 | £119,860 | 27.7% | £106,628 | 35.6% | +7.9 pts |
| HVAC | £51,968 | £47,000 | 9.6% | £43,109 | 17.0% | +7.4 pts |
| Electrical | £225,967 | £147,403 | 34.8% | £126,360 | 44.1% | +9.3 pts |
| Preliminaries | £18,000 | £6,000 | 66.7% | £7,500 | 58.3% | -8.4 pts |
| Subcontracted | £70,658 | £57,538 | 18.6% | £57,538 | 18.6% | +0.0 pts |
| Full contract | £527,084 | £381,886 | 27.5% | £345,820 | 34.4% | +6.8 pts |
| Line | Value | Priced margin | Forecast margin | Movement |
|---|---|---|---|---|
| External Lighting | £15,138 | 35.0% | 2.2% | -32.8 pts |
| Distribution Board and Consumer Unit | £19,488 | 35.0% | 12.8% | -22.2 pts |
| Domestic Water Services | £18,864 | 37.4% | 21.2% | -16.2 pts |
| Communal Distribution Pipework | £20,069 | 22.3% | 13.8% | -8.5 pts |
| Line | Value | Priced margin | Forecast margin | Movement |
|---|---|---|---|---|
| Containment | £11,380 | 35.0% | 68.5% | +33.5 pts |
| Small Power | £19,108 | 35.0% | 61.8% | +26.8 pts |
| Above Ground Drainage & Lagging | £36,213 | 11.1% | 32.2% | +21.1 pts |
| 1st Fix Cabling | £76,948 | 32.7% | 51.6% | +19.0 pts |
| Sanitaryware / Pipework | £44,175 | 14.5% | 28.0% | +13.5 pts |
First fix cabling, above ground drainage and containment are cost backed, with actual cost already incurred. Small power and external lighting have not yet started on site, so their movement rests on the forecast estimate rather than confirmed spend.
Forecast gross profit
£181,264
£20,140 a month over nine months
Fair share at target
£164,290
27% of the labour, valued at target
Above fair share
+£16,974
110% of its share of the target
Across the full nine months each labour day returns £328 of gross profit, clear of the £209 break even rate and the £297 target rate the whole business runs to.
Draws 27% of the labour over the nine months but covers 42% of the £427,500 break even overhead for the period. Return runs ahead of the resource consumed. Profit target for the period £607,500.
Average monthly days over the nine months from March to November, against each trade's monthly capacity. Whole job days are 229 plumbing and heating, 108.5 HVAC and 215 electrical, 552.5 across the trades.
| Measure | Annual | Monthly |
|---|---|---|
| Resource share of capacity | 20.3% | 27.0% |
| GP vs break even | 31.8% | 42.4% |
| GP vs profit target | 22.4% | 29.8% |
| Trade | Days | Used / mth | Capacity / mth | % monthly | % annual |
|---|---|---|---|---|---|
| Plumbing & Heating | 229.0 | 25.4 | 94.6 | 26.9% | 20.2% |
| HVAC | 108.5 | 12.1 | 37.8 | 31.9% | 23.9% |
| Electrical | 215.0 | 23.9 | 94.6 | 25.3% | 18.9% |
| Trades | 552.5 | 61.4 | 227.0 | 27.0% | 20.3% |
| Line | Contract value | Priced cost | Cost to date | Forecast cost | Forecast margin |
|---|---|---|---|---|---|
| Plumbing & Heating | |||||
| Incoming Water Services | £1,917 | £1,600 | £0 | £1,600 | 16.5% |
| Communal Distribution Pipework | £20,069 | £15,600 | £14,307 | £17,307 | 13.8% |
| Hot Water Cylinders / Thermal Stores | £24,269 | £12,600 | £400 | £12,200 | 49.7% |
| Domestic Water Services | £18,864 | £11,800 | £12,061 | £14,861 | 21.2% |
| Sanitaryware / Pipework | £44,175 | £37,760 | £7,800 | £31,800 | 28.0% |
| 10 Vanquish Mirrors no cost data | £5,130 | £0 | £0 | £0 | 100.0% |
| Above Ground Drainage & Lagging | £36,213 | £32,200 | £21,767 | £24,560 | 32.2% |
| Kitchen 1st & 2nd Fix | £6,575 | £4,800 | £0 | £1,500 | 77.2% |
| Testing & Commissioning | £7,835 | £2,700 | £500 | £2,000 | 74.5% |
| Demonstrations and Training | £650 | £800 | £0 | £800 | -23.1% |
| HVAC | |||||
| MVHR & Ventilation | £51,968 | £47,000 | £25,109 | £43,109 | 17.0% |
| Electrical | |||||
| 1st Fix Cabling | £76,948 | £51,800 | £32,610 | £37,210 | 51.6% |
| Containment | £11,380 | £7,397 | £3,390 | £3,590 | 68.5% |
| Distribution Board and Consumer Unit | £19,488 | £12,667 | £200 | £17,000 | 12.8% |
| Earthing and Boarding | £950 | £618 | £0 | £900 | 5.3% |
| Lighting & Emergency Lighting | £21,681 | £14,093 | £0 | £9,000 | 58.5% |
| External Lighting | £15,138 | £9,840 | £0 | £14,800 | 2.2% |
| Small Power | £19,108 | £12,420 | £0 | £7,300 | 61.8% |
| Supplies to Mechanical Services | £2,875 | £1,869 | £0 | £2,000 | 30.4% |
| Fire Alarm | £14,847 | £9,651 | £0 | £6,500 | 56.2% |
| Access Control | £5,444 | £3,539 | £0 | £4,500 | 17.3% |
| CCTV | £6,666 | £4,333 | £0 | £3,600 | 46.0% |
| Services Identification | £657 | £428 | £0 | £410 | 37.6% |
| EV Chargers | £19,085 | £12,000 | £0 | £12,000 | 37.1% |
| Data Rack & Wifi | £650 | £450 | £0 | £450 | 30.8% |
| Towel Rails (Inc Install) | £7,700 | £6,300 | £0 | £6,300 | 18.2% |
| Testing & Commissioning no cost data | £2,700 | £0 | £0 | £0 | 100.0% |
| Demonstrations and Training no cost data | £650 | £0 | £0 | £800 | -23.1% |
| Preliminaries | |||||
| Preliminaries | £18,000 | £6,000 | £1,100 | £7,500 | 58.3% |
| Subcontracted | |||||
| Design | £18,000 | £14,000 | £7,000 | £14,000 | 22.2% |
| Dry Riser Installation | £4,896 | £3,000 | £3,000 | £3,000 | 38.7% |
| Underfloor Heating | £47,762 | £40,538 | £36,669 | £40,538 | 15.1% |
| Ref | Description | Contract value | % complete | Value certified |
|---|---|---|---|---|
| Mechanical | ||||
| 3.13.1 | Preliminaries and Conditions of Contract | £18,000.00 | 60.0% | £10,800.00 |
| 3.13.2 | Design | £8,000.00 | 100.0% | £8,000.00 |
| 3.13.3 | Production of Design and Construction/Installation Working Drawings | £3,000.00 | 0.0% | £0.00 |
| 3.13.4 | Incoming Water services | £1,917.00 | 0.0% | £0.00 |
| 3.13.5 | Heating | £47,762.00 | 90.0% | £42,985.80 |
| 3.13.7 | Internal Communal Riser Distribution Pipework | £20,069.00 | 80.0% | £16,055.20 |
| 3.13.9 | Hot Water Cylinders/Thermal Stores | £24,269.18 | 5.0% | £1,213.46 |
| 3.13.10 | Domestic Water services | £18,864.00 | 85.0% | £16,034.40 |
| 3.13.11 | MVHR Supply and Extract ventilation | £51,967.56 | 65.0% | £33,778.91 |
| 3.13.16 | Sanitary Pipework (Inc. Sanitaryware Supply) | £44,175.00 | 40.0% | £17,670.00 |
| 3.13.17 | Dry Riser Installation | £4,895.67 | 100.0% | £4,895.67 |
| 3.13.19 | Testing and Commissioning | £7,835.00 | 35.0% | £2,742.25 |
| 3.13.20 | Demonstrations and Training | £650.00 | 0.0% | £0.00 |
| 3.13.22 | Core soil & waste, lagging of pipes | £36,213.00 | 75.0% | £27,159.75 |
| 3.13.23 | Kitchen 1st and 2nd fix | £6,575.00 | 75.0% | £4,931.25 |
| Electrical | ||||
| 3.14.2 | Design | £7,000.00 | 100.0% | £7,000.00 |
| 3.14.7 | Distribution Board and Consumer Unit Installation | £19,488.00 | 0.0% | £0.00 |
| 3.14.8 | Sub Mains Cabling | £7,837.00 | 100.0% | £7,837.00 |
| 3.14.9 | Earthing and Bonding | £950.00 | 0.0% | £0.00 |
| 3.14.10 | Containment Installation | £11,380.00 | 100.0% | £11,380.00 |
| 3.14.11 | Lighting & Emergency Lighting Installation | £38,751.00 | 50.0% | £19,375.50 |
| 3.14.12 | External Lighting Installation | £27,705.00 | 25.0% | £6,926.25 |
| 3.14.13 | Small Power Installation | £34,154.00 | 50.0% | £17,077.00 |
| 3.14.14 | Supplies to Mechanical Services Installation | £5,150.00 | 60.0% | £3,090.00 |
| 3.14.15 | Fire Alarm Installation including supplies, containment, cabling installation, interface, with the Automatic Opening Ventilator natural smoke vent system. | £26,540.00 | 50.0% | £13,270.00 |
| 3.14.16 | Access Control System/Video Intercom Installation | £9,740.00 | 50.0% | £4,870.00 |
| 3.14.17 | CCTV Installation | £11,930.00 | 40.0% | £4,772.00 |
| 3.14.18 | IRS TV Installation | £0.00 | — | £0.00 |
| 3.14.19 | BT Telecommunications Internal Cabling | £900.00 | 90.0% | £810.00 |
| 3.14.20 | Virgin Media TV/Telecommunications Internal Cabling | £0.00 | — | £0.00 |
| 3.14.21 | Services Identification | £657.00 | 0.0% | £0.00 |
| 3.14.22 | Testing and Commissioning | £2,700.00 | 35.0% | £945.00 |
| 3.14.23 | Demonstrations and Training | £650.00 | 0.0% | £0.00 |
| 3.14.25 | Electrical Vehicle Charger and Power Supplies | £19,085.00 | 0.0% | £0.00 |
| 3.14.26 | Data rack and wifi | £650.00 | 0.0% | £0.00 |
| 3.14.29 | Supply - Rointe 300 watt D series towel rails | £6,500.00 | 0.0% | £0.00 |
| 3.14.30 | Wire and Install | £1,200.00 | 30.0% | £360.00 |
| 3.14.31 | 10 Vanquish Mirrors | £5,130.00 | 30.0% | £1,539.00 |
| Variations | ||||
| VO1 | Basement Screed | £1,850.00 | 100.0% | £1,850.00 | |
| VO2 | Wiring for Fire Rated Windows | £686.00 | 50.0% | £0.00 | |
| VO3 | Fire Alarm | £419.00 | 50.0% | £0.00 | |
| VO4 | Access Control | £4,285.00 | 50.0% | £0.00 | |
| VO5 | CCTV | £862.00 | 50.0% | £0.00 | |
| VO6 | Additional Basement Screed | £552.50 | 100.0% | £0.00 | |
| VO7 | Additional Cameras | £416.00 | 50.0% | £0.00 | |
| VO8 | Kensa Pipework | £2,898.31 | 0.0% | £0.00 | |
Application 4 values the works at £71,352 for the period, taking cumulative certified value to £280,230, or 52.8% of the adjusted contract. After five percent retention of £3,568, the net payment due on this application is £67,784. A further £250,721 of measured works remains to be valued in future applications. Cost incurred to date stands at £167,463, so the work billed has recovered an indicative £112,768 above cost, a lead that is partly timing and narrows as the job progresses.