Financial Statements

Notes to the Consolidated Financial Statementsfor the year to 31 December 2008

18. Construction contracts

2008
£m
2007
£m
Contracts in progress at the balance sheet date:    
Amounts due from contract customers included in trade and other receivables 6.0 57.3
Amounts due to contract customers included in trade and other payables (0.8) (39.1)
5.2 18.2
Contract costs incurred plus recognised profits less recognised losses to date 382.4 3,684.8
Less: progress billings (377.2) (3,666.6)
5.2 18.2

At 31 December 2008, retentions held by customers for contract work amounted to £2.3m (2007: £11.1m). The Group's UK construction business was sold on 9 September 2008 (see note 31). The remaining balances relate to a small construction operation in Ghana which is included in the Corporate business segment, and which was disposed of subsequent to year-end on 21 April 2009.