Barbour ABI has reported that, despite the upcoming EU referendum, seven of the ten biggest UK construction companies that have their headquarters elsewhere in the EU have placed bids on future construction projects worth more than a combined £9bn.
These figures come following reports of uncertainty in the industry ahead of the referendum and provide a boost of confidence for the sector as seven of these ten companies bid for a combined 71 projects as a main contractor.
Construction giants such as Amey, Bouygues & Skanska have long established presences in the UK but have their central headquarter operations located in other EU countries.
Between January 2015 and April 2016, the ten biggest construction companies in the UK (based on 2014 / 2015 turnover) with EU headquarters that excludes Britain, won a combined £7.3bn worth of construction contracts in the UK, with the likes of Vinci Construction’s UK arm representing 30% (£2bn) of its European turnover outside of its native France.
Commenting on the figures, Michael Dall, lead economist at Barbour ABI, said: “These ten companies already have well established UK arms, however an EU referendum could bring about a change in the business environment, which may make these multi-national businesses potentially think about their future construction pipelines in the UK market.
“If the referendum is in favour of Brexit, there could be possible ramifications for these ten companies, alongside other EU based construction firms who work in the UK. It could also cause potential issues for big ticket projects such as HS2, who have EU based companies launching million pound bids to work on the development.”