Construction firms are struggling to cope with a decline in business, new figures have revealed.
Nearly half (46%) of construction companies saw their turnover fall in recent weeks thanks to the coronavirus pandemic, according to recent figures from the Office for National Statistics (ONS).
More than one in ten construction firms (12.2% of those surveyed) experienced operating costs that exceeded turnover, effectively operating at a loss.
Nearly half were operating with less than six months’ cash reserves, with 4.5% of construction firms operating with no cash reserves at all.
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