Building for the future:

Building for the future: Neville Simms, chief executive of Tarmac, surveying a Wimpey construction site at Gracechurch Street in the City of London, taken over as part of the two companies' recent asset swap. Accouncing a slump in profits from pounds 107.2m to pounds 20.3m, after heavy exceptional write-offs, Tarmac promised the City sizeable cost cuts from the deal which saw it pull out of housebuilding to focus on heavy building materials and construction services. Tarmac's shares rose 8.5p to 119p as investors focused on the expected benefits of the integration.

Investment column, page 20

Photograph: Edward Webb