Project performance report · July 2026
M&E Subcontract · Leodis Developments Ltd
Director's summary · July 2026
At a glance
Forecast margin is 33.7%, about the same as the 34.4% in June and comfortably above the 25.9% we priced the job at, because all four cost groups are now set to come in under budget. Forecast profit is £181,290, barely changed from last month. Electrical is the strongest trade at 41.1%, the opposite of how it looks on 6 Staveley Road.
Forecast profit
£181,290
33.7% · £42,045 above priced
Complete
68.1%
by value certified · finish Oct 2026
Resource return
£315 a day
forecast gross profit per labour day, above the £297 target
Applications to convert
£149,207
submitted, awaiting payment · App 4 due next week
£365,938 certified · £171,792 of work still to bill · value certified runs well ahead of cost incurred
Where the job stands today: what the client has paid, what we have certified as done, and what we have spent. Two applications are in but not yet paid, so cash is behind the value certified for now.
Performance scorecard · to date
Money in
£198,435
received on applications 1 to 3, net of retention
Money certified
£365,938
value of completed work · 68.1%
Money spent
£208,858
cost to date · 58.6% of final cost
Cash received and value certified are shown against the £537,730 contract; cost is shown against the £356,440 we expect to spend in total.
The two applications in but not yet paid are application 4 (£67,784.46 net) and application 5 (£81,422.24 net). Cash being behind cost is only about timing and corrects as these are paid.
The job is 68.1% complete by the value of work signed off, against 58.6% of the expected cost spent, so the value is well ahead of the cost. The bars below are all drawn to the same scale, so their length shows how big each cost group is, and the gold line marks each one's budget. Every group is forecast to come in under budget, so no bar passes its line. Electrical, the biggest trade, is about £14,206 under; plumbing and heating about £15,276 under; HVAC and the other grouped lines a little under each.
All four groups are on the same scale, so bar length shows the real size of the spend. The gold line is each group's budget, and every forecast falls short of it. Electrical and plumbing and heating are furthest under.
What the work still to come needs and brings in over the months to completion: the labour by trade, a rough view of billing, profit and cash to finish, how each trade is doing against its price, and the risks that could shift the forecast.
Performance scorecard · remaining work
Cost to complete
£147,581
spend still to come
Labour days left
205.5
Aug to Nov 2026 · 180.5 on the electrical target
Gross profit to earn
£24,210
most of the profit is already earned
Remaining revenue
£171,792
work still to bill
Remaining cost
£147,581
spend still to come
Remaining gross profit
£24,210
14.1% · £118 a labour day
The job needs about 180 more days of labour to finish on the plan below, which assumes the electrics hit their September target. HVAC and electrical finish by the end of September, plumbing and heating runs into October, and November is snagging and small items across all trades. 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 | Total | Peak capacity |
|---|---|---|---|---|---|---|
| Plumbing & Heating | 28.0 | 28.0 | 20.0 | 4.5 | 80.5 | 30% |
| Electrical | 40.0 | 40.0 | — | — | 80 | 42% |
| HVAC | 10.0 | 10.0 | — | — | 20 | 26% |
| Trade days | 78.0 | 78.0 | 20.0 | 4.5 | 180.5 |
The month by month split is the project manager's rough guide, not a firm programme yet. 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). The plan assumes electrical at 80 days; the cost model still holds 105, which would push about 25 days into October if the September target slips.
Plan · electrical target
80 days
Two electricians across August and September finish the electrics by the end of September, which is what the Lead Electrician is being incentivised to do. The table above is built on this.
Cost model · cautious
105 days
The cost model still assumes 105 electrical days. If the target is missed, about 25 days push into October, taking the job to 205.5 days left and holding the team up for the next job.
Finishing the electrics in September matters beyond this job: another project starts in October that needs one or two electricians, so getting the team free on time protects that start.
On its own this job takes under half of what we can do in any one trade in a month. The company wide plan adds this to every other live job, and it is the total electrical demand across all jobs that is worth watching through August and September.
Putting the labour plan, the cost forecast and the value still to bill together gives a rough picture of how the job finishes for profit and cash. The billing goes out fast: close to 90% of the remaining £171,792 is claimed across August and September, when the trades and the electrical materials finish. Gross profit follows the same shape but stays small at £24,210 in total, because most of the profit is already in the work signed off. Cash comes in later and more evenly. Applications 4 and 5 are already in and get paid in August and September, and everything billed from August onward is paid about two months later on this job's terms, after the 5% retention, so money keeps coming in until January, well after the work on site is done. At practical completion we claim the first half of the retention, £13,443, which comes back in the final month, leaving the other 2.5% held until the end of the defects period. All figures in this section are before VAT.
Billed by end September
90%
£154,000 of the £171,792 left to bill
Cash to completion
£325,851
received Aug to Jan, includes first retention release
Retention drawn back
£13,443
first 2.5% at completion; £13,443 held to end of defects
Work billed and gross profit by month
Each column is the work billed that month, with the cost at the bottom and the gross profit on top. Nearly all of it is in August and September, and the profit drops to almost nothing by November.
Cash received by month
The two applications already in are paid in August and September. New billing is paid about two months after it goes out, so money keeps coming in until January, after the site work is done. The final month also includes the first 2.5% of retention (£13,443), claimed at practical completion. Cash figures are before VAT.
| Month | Work billed | Cost | Gross profit | Cash received |
|---|---|---|---|---|
| August 2026 | £76,952 | £66,107 | £10,845 | £67,784 |
| September 2026 | £76,952 | £66,107 | £10,845 | £81,422 |
| October 2026 | £16,011 | £13,755 | £2,256 | £73,104 |
| November 2026 | £1,877 | £1,612 | £265 | £73,104 |
| December 2026 | — | — | — | £15,210 |
| January 2027 | — | — | — | £1,783 |
| Retention release · first 2.5% | — | — | — | £13,443 |
| Total remaining | £171,792 | £147,581 | £24,210 | £325,851 |
Billing is spread across the months in line with the cost each month. Cash is set about two months after billing, on this job's terms of month end plus sixty days. Retention is 5% on each application, half claimed at practical completion and half at the end of the defects period. The shape follows the project manager's rough labour guide and is a rough guide itself. Monthly figures are rounded; totals are exact. All figures before VAT.
These are the trades where the forecast margin now differs from what we priced. Every one is in our favour: each is set to come in under its cost budget, so its margin ends up above the price. HVAC and plumbing and heating gain the most in percentage terms, electrical the most in cash. Treat the HVAC figure with some caution, as it was priced by a subcontractor as a lump sum with no split between labour and materials.
| Trade | Charge | Priced margin | Forecast margin | Movement | Cost spent |
|---|---|---|---|---|---|
| Plumbing & Heating | £160,567 | 25.6% | 35.1% | +9.5 pts | 72% |
| Electrical | £231,097 | 34.9% | 41.1% | +6.2 pts | 39% |
| HVAC | £51,968 | 9.6% | 19.9% | +10.3 pts | 60% |
| Other lump sum & variations | £94,098 | 13.2% | 20.9% | +7.7 pts | 73% |
| Full contract | £537,730 | 25.9% | 33.7% | +7.8 pts | 59% |
The numbers all tie up this month: the contract value and the cost model now agree at £537,730 after the CCTV variation was corrected.
Finishing the electrics in September depends on hitting the target
The plan finishes the electrics in September on 80 days of labour with two electricians; the cost model still assumes 105. If it slips, about 25 days move into October, the team is held up for the October job, and the little margin left in the last stretch gets thinner. Check the days used against site progress each week.
Owner: Operations. Action: check electrical labour against the September target each week
Not much margin is left, and it rides mostly on materials
Only £24,210 of gross profit is left, at £118 a day, and a lot of it depends on about £55,000 of electrical second fix materials. The profit already earned is safe, but if that materials cost runs over it comes almost straight off the bottom line, because there is little margin left to cover it.
Owner: Commercial. Action: keep the electrical second fix materials cost in line with the forecast
Cash is behind cost until the applications already in are paid
We have spent about £10,424 more than the cash in so far. This is only about timing, not the job earning less: £149,207 of applications is already in, with application 4 (£67,784) due within the week. It should be paid on the usual cycle, putting cash back ahead of cost.
Owner: Commercial. Action: check application 4 is paid on time
A few line by line margins look better than they really are
The cost to finish each variation is carried inside the trade forecasts, prelims sit in company overheads, and one variation is being done at cost while the client sorts it out. So a few of the line by line margins show at or near 100% and are not real. The whole job and trade figures are the ones to trust, and those are what this report uses.
Owner: Commercial. Action: none, noted so it is clear
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
£356,440
costs to end July
Contract value
£537,730
application basis, reconciled
Forecast gross profit
£181,290
33.7% margin
This sets how the job was priced against where it is now forecast to finish, on the £537,730 contract. It was priced to make £139,245 of gross profit at 25.9%. On current costs it is forecast to make £181,290 at 33.7%, which is £42,045 better, spread across all four cost groups as each comes in under budget. The chart shows where the gain comes from, group by group.
Priced gross profit
£139,245
25.9% on the £537,730 contract
Forecast gross profit
£181,290
33.7%, costs under budget
Gross profit variance
+£42,045
+7.8 pts vs price · favourable
Total gain +£42,045, all in our favour. Plumbing and heating and electrical make up most of it, and every group is forecast under its budget.
| Trade | Charge | Priced cost | Priced margin | Forecast cost | Forecast margin | Movement |
|---|---|---|---|---|---|---|
| Plumbing & Heating | £160,567 | £119,460 | 25.6% | £104,184 | 35.1% | +9.5 pts |
| Electrical | £231,097 | £150,372 | 34.9% | £136,166 | 41.1% | +6.2 pts |
| HVAC | £51,968 | £47,000 | 9.6% | £41,644 | 19.9% | +10.3 pts |
| Other lump sum & variations | £94,098 | £81,652 | 13.2% | £74,445 | 20.9% | +7.7 pts |
| Full contract | £537,730 | £398,485 | 25.9% | £356,440 | 33.7% | +7.8 pts |
Other lump sum and variations groups together the preliminaries, design, the dry riser, underfloor heating, the main contractor discount and the ten variations. Only the site skips are charged to the job here; the rest of the prelims sit in company overheads.
Forecast gross profit
£181,290
on 576 labour days end to end
Fair share at target
£171,352
21% of the labour, valued at target
Against fair share
+£9,938
106% of its share of the target
Each of the 576 days of labour the job uses makes £314.60 of gross profit, above both the £209 we need to break even and the £297 we aim for across the business. The gauge runs to £600 a day.
It uses 21% of our labour over the year but covers 32% of the £570,000 of overheads we need to cover in that time, so it pulls 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 | £160,567.18 | £119,460.00 | £75,341.14 | £104,184.29 | 35.1% |
| Electrical | £231,097.00 | £150,372.23 | £53,694.05 | £136,166.35 | 41.1% |
| HVAC (MVHR & ventilation) | £51,967.56 | £47,000.00 | £25,144.14 | £41,644.14 | 19.9% |
| Other lump sum & variations | £94,097.86 | £81,652.41 | £54,679.02 | £74,445.00 | 20.9% |
| Full contract | £537,729.60 | £398,484.64 | £208,858.35 | £356,439.78 | 33.7% |
Other lump sum and variations covers the preliminaries, design, the dry riser, underfloor heating, the main contractor discount and the ten variations. The cost to finish each variation is carried inside the trade lines, so the variation lines on their own show high margins.
The client has paid £198,435 so far, which is applications 1 to 3 after the 5% retention is held back. The value of work completed is £365,938, or 68.1% of the £537,730 contract, and we have spent £208,858. Cash is behind both of those because two applications are in but not yet paid: application 4 at £67,784, due within the week, and application 5 at £81,422 to follow. Once those come in, the money received moves comfortably ahead of what we have spent. This is about when we get paid, not about the job earning less. £18,297 of retention is held back, half of which we can claim at practical completion and half at the end of the defects period.