Construction Confederation posts a deficit again

The Construction Confederation marked up an operating deficit of £165,000 last year, according to its latest financial review. It is the sixth consecutive year in which confederation expenditure has exceeded income.

The annual review for 2003 shows that total income of £1.8m was £240,000 down on the previous year. Spending totalled £2m - some £300,000 below 2002, reflecting the previous year's restructuring.

The confederation also reveals that it is set to make a profit of around £1.2m on the £6m sale of its City of London headquarters and relocation to smaller, dedicated premises.

The review says much of last year's deficit was caused by a downturn in the London rental market which significantly reduced the return from commercial tenants. At the end of the year, the members' fund stood at £4.8m.