The move follows North Midland Building delivering an escalated loss on the previous year of £4.8m on revenues that were down by 24% to £16.7m. The subsidiary has written of £1.26m of goodwill due to problems on three projects.
Group revenue for the year to 31 December 2011 increased by 1.6% to £167.2m (2010: £164.5m), but the result was a pre-tax loss of £783,000 (2010: £3.7m profit).
The civil engineering division also had a difficult year, with projects cancelled or deferred. Revenue fell 31% to £35.3m and operating profits by 17% to £1.63m.
The highways division had a better time, increasing revenue by 40% to £18.8m, with operating profits of £830,000.
Got a story? Email news@theconstructionindex.co.uk
