Performance report · August 2026

Tetley Hall Block E

M&E subcontract for C & AJ Marshall · LCA0001-011LME

£537,730Contract value

£430,456 · 80.1%Certified to date

In progressFinish October 2026

September 2026Prepared, costs to 31 August

Director's summaryOn price, on track

Forecast margin is 34.2%, up from 33.7% in July and well above the 25.9% we priced

August was the busiest month of the job so far: £64,518 more certified, taking it to 80% done, against £61,773 spent. Plumbing and heating and the underfloor heating came in cheaper than expected, which outweighed a little more cost on the electrics and HVAC.

Forecast profit

£183,923

34.2% · £44,495 above priced

Complete

80.1%

by value certified, finish October 2026

Resource return

£319 a day

forecast gross profit per labour day, above the £297 target

Applications to convert

£142,714

submitted, awaiting payment; App 5 due end September

Position

Profitability34.2% forecast, above the 25.9% price

Cash positionCost sits £4k ahead of cash, £143k converting

ProgrammeElectrical has 78 days left, more than a September finish allows

Resource use£319 a day, above the target rate

The decisionElectrical finish

The profit is safe. The decision is whether the electrics finish in September or run into October.

In July the plan was to finish by the end of September on 80 days of labour. The electricians used 32.5 days in August and the cost model now says 78 days are still needed. The project starting in October needs one or two electricians.

Cost model · the plan this report is built on

Two electricians, finish mid October

Two electricians at about 40 days a month clear the 78 days across September and the first half of October. It holds the team on Tetley for the first weeks of the October project.

Electricians2

Days left78

FinishMid Oct

The July target

Four electricians, finish in September

The July target assumed 47.5 days would be left after August; the model says 78. Doing all of that in September takes four electricians for the month and pulls them off other jobs.

Electricians4

Trade capacity82%

FinishEnd Sep

The 30.5 day gap between the target and the model is worth about £6,100 of labour, so the choice is about where the electricians are in October, not about the margin. Owner: Operations, to decide and confirm the 78 days with the Lead Electrician.

1 Performance to dateAs at 31 August 2026

80% certified, and cost runs only £4,412 ahead of the cash in, with £142,714 of applications converting

Certified 80.1%

£0£537,730 contract

Received £266,219 Applied, unpaid £142,714 Retention held £21,523 Still to bill £107,273

Money in£266,219applications 1 to 4, net of retention

Money certified£430,456value of completed work, 80.1%

Money spent£270,631cost to date, 76.5% of final cost

This is timing, not the job earning less

Application 5 (£81,422) is due at the end of September on this job's terms and application 6 (£61,292) went in on 4 September. Once those are paid, money received moves well ahead of what we have spent. Half the £21,523 retention is claimable at practical completion, half at the end of the defects period.

1 Performance to dateForecast cost against budget

Every trade is still forecast to come in under its budget

80.1% complete by value against 76.5% of cost spent. The gap closed from ten points in July because £61,773 was spent against £64,518 certified, mostly electrical second fix materials landing. That is the shape we expected.

Plumbing & Heating

Budget £119,460, forecast £99,847

£19,613 under£88,216 spent, 88% through

Electrical

Budget £150,372, forecast £140,607

£9,766 under£79,727 spent, 57% through

HVAC

Budget £47,000, forecast £43,233

£3,767 under£40,333 spent, 93% through

Other lump sum

Budget £81,470, forecast £70,120

£11,350 under£62,355 spent, 89% through

£0£40k£80k£120k£160k

All four groups are drawn on the same scale, so bar length shows the real size of the spend. The dark bar is forecast cost and the gold line is each group's budget. Electrical has the most still to spend, at 57% through.

2 Forecast, remaining workForward to November 2026

The last stretch earns £185 a labour day, below break even, because the profit is already in

Remaining revenue

£107,273

work still to bill

Remaining cost

£83,176

spend still to come

Remaining gross profit

£24,098

22.5% · £185 a labour day against the £209 break even

Most of what is left is electrical materials rather than labour, and it carries little margin. None of this is a worry: £159,825 of gross profit is already in the work signed off, at £358 a day, and the whole job comes out at 34.2%. There is simply not much more profit to be made from here.

Why it reads higher than July's 14.1%

August earned less than the July plan expected: £64,518 was certified for £61,773 of cost, so £2,745 of profit came in during the month rather than the £10,845 pencilled in, and the balance is still to earn.

2 Forecast, remaining workLabour days by trade · Sep – Nov 2026

About 130 labour days left, 78 of them electrical, with the electrics running into mid October

In August plumbing and heating used 30.75 days against a plan of 28, HVAC 12.25 against 10, and electrical 32.5 against the 40 the September target needed.

Trade	Sep	Oct	Nov	Total	Peak capacity
Plumbing & Heating	20.0	13.0	4.0	37	21%
Electrical	40.0	33.0	5.0	78	42%
HVAC	8.0	4.0		12	21%
Trade days	68.0	50.0	9.0	127

Share of firm capacity, busiest month

Plumbing & Heating20 of 95 days 21%

Electrical40 of 95 days 42%

HVAC8 of 38 days 21%

On its own the job takes under half of any trade. It is total electrical demand across all jobs that is worth watching through September and October.

The monthly split spreads the cost model's remaining days on the project manager's July guide and is not a firm programme. A further 3.5 days sit on the variation lines, taking the total to 130.5. Monthly capacity is 94.6 days for plumbing and heating and for electrical, and 37.8 for HVAC.

2 Forecast, remaining workSep 2026 – Jan 2027 · before VAT

98% billed by the end of October, with £258,067 of cash still to come in by January

Billed by end October

98%

£104,952 of the £107,273 left to bill

Cash to completion

£258,067

received Sep to Jan, includes the 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

CostGross profit

Cash received by month

Already applied (apps 5 and 6)Forecast from billingRetention release

Cash is set about two months after billing, on this job's terms of month end plus sixty days, after the 5% retention. The shape follows the labour plan and is a rough guide.

2 Forecast, remaining workPriced against forecast, and since July

Every trade is ahead of its price. Since July, plumbing and the lump sums gained while electrical and HVAC gave a little back.

Trade	Charge	Priced margin	Forecast margin	Movement	Since July	Cost spent
Plumbing & Heating	£160,567	25.6%	37.8%	+12.2 pts	+2.7 pts	88%
Electrical	£231,097	34.9%	39.2%	+4.2 pts	(1.9 pts)	57%
HVAC	£51,968	9.6%	16.8%	+7.2 pts	(3.1 pts)	93%
Other lump sum & variations	£94,098	13.4%	25.5%	+12.1 pts	+4.6 pts	89%
Full contract	£537,730	25.9%	34.2%	+8.3 pts	+0.5 pts	77%

Plumbing and heating gained as its remaining days fell from 49.75 to 37 and its final materials came in lower. The lump sums gained because the Kensa underfloor heating was invoiced at £40,535 against the £47,762 priced.

Electrical gave back as its second fix days and materials rose a little, and HVAC as it needed four more days than expected. Read HVAC with caution: it was priced by a subcontractor as a lump sum with no labour and materials split.

Held on the July basis: the CCTV variation at the agreed £862 rather than the model's £416 (adding £446 to forecast profit), the underfloor heating budget at its £47,762 price, and the pending £550 screed line left out.

2 Forecast, remaining workRisks and data completeness

Two amber risks: the electrical finish, and thin margin riding on materials

The electrics will not finish in September on two electricians

78 electrical days left against the 47.5 the September target would have left. The margin barely moves either way; what moves is where the team is in October.

Operations: decide between an October finish and adding electricians in September, and confirm the 78 days with the Lead Electrician.

Not much margin is left, and it rides mostly on materials

Only £24,098 of gross profit is left, and £39,808 of electrical second fix materials are still to land. If that cost runs over it comes almost straight off the bottom line.

Commercial: keep the electrical second fix materials cost in line with the forecast.

Cash is behind cost until the applications already in are paid

£4,412 behind, down from £10,424 in July now application 4 has been paid. Once application 5 lands, cash is well ahead of cost for the rest of the job.

Commercial: check application 5 is paid on time at the end of September.

The cost model has drifted from the July basis in four places

The CCTV variation, the underfloor heating price, the pending screed line and the design cost to date. This report holds all four to the July basis, so the movement it shows is real.

Finance: Cal to confirm the four points and correct the model for September.

3 Expected outcomeAt completion

Priced to make £139,427. Forecast to make £183,923, which is £44,495 better.

The gain is spread across all four cost groups as each comes in under budget, and is £2,450 more than July's, most of it the underfloor heating invoice and the plumbing and heating days.

Gross profit gain by trade

Plumbing & Heating+£19,613

Electrical+£9,766

HVAC+£3,767

Other lump sum+£11,350

Total gain against price+£44,495 · +8.3 pts

Cost bridge

Priced cost budget£398,302.14

Forecast final cost£353,806.77

Cost variance against budget£44,495.37 under

Cost incurred to date£270,631.17

Cost to complete£83,175.60

Value recovered per £1 of cost£1.52

3 Expected outcomePriced against forecast

A 34.2% job against a 25.9% price, with plumbing and the lump sums furthest ahead

Trade	Charge	Priced cost	Priced margin	Forecast cost	Forecast margin	Movement
Plumbing & Heating	£160,567	£119,460	25.6%	£99,847	37.8%	+12.2 pts
Electrical	£231,097	£150,372	34.9%	£140,607	39.2%	+4.2 pts
HVAC	£51,968	£47,000	9.6%	£43,233	16.8%	+7.2 pts
Other lump sum & variations	£94,098	£81,470	13.4%	£70,120	25.5%	+12.1 pts
Full contract	£537,730	£398,302	25.9%	£353,807	34.2%	+8.3 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; the rest of the prelims sit in company overheads.

3 Expected outcomeLabour used and to come · earned basis

The job pays its way: £318.90 of gross profit for every labour day, above the £297 target

Forecast gross profit

£183,923

on 577 labour days end to end

Fair share at target

£171,501

21% of the labour, valued at target

Against fair share

+£12,422

107% of its share of the target

Gross profit per labour day

£319

Break even £209Target £297

Weight it draws against the return it covers

Share of labour capacity used21%

Break even overhead covered32%

Profit target covered23%

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. The profit target for the period is £810,000. The gauge runs to £600 a day.

ReferenceFull cost model, condensed

Full cost model, priced against actual

Line	Charge	Priced cost	Cost to date	Forecast cost	Forecast margin
Plumbing & Heating	£160,567.18	£119,460.00	£88,216.25	£99,846.84	37.8%
Electrical	£231,097.00	£150,372.23	£79,726.59	£140,606.69	39.2%
HVAC (MVHR & ventilation)	£51,967.56	£47,000.00	£40,333.08	£43,233.08	16.8%
Other lump sum & variations	£94,097.86	£81,469.91	£62,355.25	£70,120.16	25.5%
Full contract	£537,729.60	£398,302.14	£270,631.17	£353,806.77	34.2%

The CCTV variation is held at £862 and the underfloor heating budget at £47,762, as agreed for the July report, so the figures stay comparable with last month. LCA0001-011LME · Prepared September 2026 · Projected costs to 31 August 2026 · Confidential.