Portfolio margin improved to 21.4% in April, up from 20.8% in March — primarily driven by approved variation recovery on the Whitmore Tower contract (+£68k) and favourable subcontract outturn on Docklands Phase 2. Blended margin remains 0.6pp below the 22.0% portfolio target but is tracking in the right direction for the first time in three periods.
Key concern this period: Aged WIP increased by £42k to £387k, concentrated in two contracts — Riverside FM and Cathedral Quarter. Both have application-format issues requiring resolution before invoicing can proceed. If unresolved by mid-May, combined WIP exposure will exceed the 90-day threshold.
Actions required: 14 actions are open across the portfolio. Three are overdue and escalated to the Commercial Director. The highest-value decision required is approval of the £31k re-measure claim on Mersey Gateway before the client's 15 May deadline. A full action log is set out in Section 06.
| RAG | Contract | Value | Cost to date | Margin £ | Margin % | vs Target | WIP | CNI | Trend |
|---|---|---|---|---|---|---|---|---|---|
G |
Whitmore Tower RefurbCBRE · £2.4m · Wk 18/32 | 2,410,000 | 1,412,260 | 254,340 | 25.2% | +3.2pp | 18,400 | — | |
G |
Docklands Phase 2Lendlease · £3.8m · Wk 26/44 | 3,800,000 | 2,186,800 | 385,200 | 23.1% | +1.1pp | 42,100 | 28,500 | |
A |
Cathedral Quarter FitoutISG · £2.1m · Wk 14/24 | 2,100,000 | 1,058,400 | 171,600 | 19.4% | −2.6pp | 86,200 | 54,100 | |
G |
Mersey Gateway ServicesPeel Group · £1.6m · Wk 20/28 | 1,600,000 | 984,000 | 150,400 | 22.4% | +0.4pp | 31,800 | — | |
R |
Riverside FM — Yr 2Mitie · £980k · Month 14/24 | 980,000 | 618,380 | 58,220 | 14.8% | −7.2pp | 124,600 | 87,400 | |
A |
Pennine Works Package CKier · £1.4m · Wk 10/20 | 1,400,000 | 612,500 | 87,500 | 18.7% | −3.3pp | 52,400 | 22,800 | |
G |
Alderley Park Lab FitAstraZeneca · £1.2m · Wk 8/16 | 1,200,000 | 486,000 | 114,000 | 24.8% | +2.8pp | 14,200 | — | |
A |
Trafford Retail RefitMace · £710k · Wk 5/12 | 710,000 | 247,660 | 46,340 | 19.2% | −2.8pp | 17,300 | 21,200 | |
| Portfolio Total | 14,200,000 | 7,606,000 | 1,267,600 | 21.4% | −0.6pp | 387,000 | 214,000 |
Movement in portfolio margin from March close (20.8%) to April close (21.4%), showing key drivers.
Recurring blocker categories across the portfolio this period, ranked by total value affected. Addressing the top two categories would unlock an estimated £141k in invoiceable revenue.
Aggregated variation values across all contracts by status. Figures feed from the Commercial Control Kit™ workflow where deployed.
| # | Action | Contract | Owner | Priority | Due | Status |
|---|---|---|---|---|---|---|
| 01 | Reformat and resubmit April application to Mitie | Riverside FM | KHK. Hughes | Critical | 02 May ⚠ | Overdue |
| 02 | Respond to QS query on measured rates — Valuation 4 | Cathedral Quarter | JPJ. Palmer | Critical | 28 Apr ⚠ | Overdue |
| 03 | Approve re-measure claim narrative for resubmission | Mersey Gateway | CDC. Dean | Critical | 30 Apr ⚠ | Overdue |
| 04 | Locate and upload missing daywork sheets — App 3 | Pennine Pkg C | RBR. Barker | High | 09 May | In progress |
| 05 | Complete snagging list and obtain sign-off for retention release | Docklands Ph 2 | MTM. Taylor | High | 16 May | In progress |
| 06 | Prepare and submit variation notice — BMS scope change | Alderley Park | JPJ. Palmer | High | 12 May | Not started |
| 07 | Review prelim assumptions for remaining programme weeks | Cathedral Quarter | KHK. Hughes | Medium | 19 May | Not started |
| 08 | Escalate FM deductions dispute — April penalties | Riverside FM | CDC. Dean | High | 14 May | In progress |