The portfolio, in the board's language
The month's margin, cash and risk position written as the board reads it: what moved, what is at risk, and the three decisions this meeting has to take. Every figure traces to one of the ten supporting Cockpit reports, and every risk resolves to an owned action.
- Client
- Meridian M&E Ltd
- Portfolio
- 8 contracts · £14.2m
- Reference
- MER-QBR-P7
- Board date
- 06 May 2026
- Prepared by
- BuiltAI Intelligence Ltd
- Status
- Margin improving
Illustrative example: fictional project and parties.
The first positive month in three
Blended margin improved from 20.8% to 21.4% in April, 0.6 points below the 22.0% target. The illustrated bridge shows a net £64k increase across several drivers. The £62.4k Whitmore Tower asbestos variation is recorded as approved change value; the bridge does not isolate its net margin contribution or establish what would have happened without it.
Aged work in progress stands at £387k and completed-not-invoiced work at £214k. These are distinct reporting balances, not evidence of cash receipt, and may overlap with the invoice-blocker analysis. Three decisions are needed from this board, including the £31k Kingsferry Crossing re-measure claim before the client deadline of 15 May.
Margin performance
Period margin moved from £1,204k (20.8%) to £1,268k (21.4%), a net £64k, from £104k of gains against £40k of offsets.
| Driver | Detail | Impact |
|---|---|---|
| Variation recovery | Whitmore asbestos at 92%, Docklands and Kingsferry dayworks | +£68k |
| Subcontract outturn | Docklands steel re-tender, Whitmore tiling final account | +£24k |
| Other net | Cathedral accrual release and minor credits | +£12k |
| Prelim overrun | Cathedral Quarter programme slippage | −£18k |
| Labour reallocation | One-off cross-charging, not recurring | −£14k |
| FM deductions | Riverside FM SLA penalties, disputed | −£8k |
| Net movement | +£64k | |
Four of the eight contracts are at or above the 22.0% target. Four sit below it, including Bluewater at 21.6%. Kingsferry Crossing, at 18.1%, is the lowest and the subject of a decision in Section 07.
WIP and cash position
Aged WIP rose £42k to £387k. Three priority contracts hold £339k of it: Kingsferry Crossing £186k against a slow valuation cycle, Riverside FM £93k behind a rejected application format, and Cathedral Quarter £60k behind QS rate queries. Of the total, £149k has aged beyond 90 days and is escalated to the commercial lead.
The £214k of completed-not-invoiced work is scheduled for May billing, subject to the normal billing runs, the Cathedral scope sign-off, the Riverside purchase order and Kingsferry retention terms. These are expected dates, not guaranteed invoices or collection; each dependency needs an owner and follow-up.
Invoice readiness
The invoice-blocker taxonomy records £601k of blocked value across five causes, not an additional cash balance. The largest cause is the £212k application-format category; the next is £126k of QS rate queries and valuation delays. These totals may overlap WIP and CNI. Resolution requires the relevant records, owner action and client review; clearing a blocker does not prove payment.
Variation recovery
The pipeline holds £482k of change: £139k agreed, £236k submitted and £107k in preparation. The latter two total £343k of change value awaiting agreement, not established margin or cash. A further £224k of unclaimed opportunity is estimated from site records, including £67.8k on Cathedral Quarter. Entitlement, costs and collection remain to be assessed; these balances are not additive net benefit.
Key risks
Three risks carry into May. First, £149k is already beyond 90 days and needs a recoverability review; no provision is determined here. Second, Cathedral Quarter's £67.8k of estimated unclaimed work needs entitlement and notice review. Third, £8k of Riverside FM SLA deductions remains disputed. Each needs an owner and a target date in the action log.
Actions and decisions required
Three decisions are asked of the board this period. Each is time-bound.
Beyond the decisions, 14 actions are open and 3 are overdue, all held by the commercial team and all set out in the monthly action log.
Next-period priorities
Four priorities carry into May: review the £186k Kingsferry aged-WIP position; prepare the £67.8k Cathedral change for entitlement and notice review; address the application-format blockers; and seek decisions on the £236k of submitted variations. These are proposed actions, not guaranteed payment or a measured structural improvement.