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Aecom has reported a $58.6m (拢36.9m) loss after a $317m (拢200m) write-down on the value of its European and management support services businesses.

The firm鈥檚 Europe division has had to write down the value on multiple acquisitions due to the economic downturn in the region, Europe chief executive Steve Morriss told 好色先生TV.

Aecom鈥檚 share price closed 13% down on Tuesday 鈥� $18.87 from $21.74 the previous day following the results announcement.

Morriss played down the potential involvement of the August 2010 $324m (拢203.6m) takeover of Davis Langdon in the write-down, saying other acquired firms 鈥� such as the 2010 acquisition of 550-strong Spain-based technical services firm Inocsa 鈥� had been 鈥渕ost impacted鈥�.

Morriss said the write-down 鈥渞elates to all acquisitions done over time and not just recent ones鈥�.

US-based Aecom鈥檚 European division has been formed from around 12 mergers over the last decade.

The company said it made the write-downs after reviewing the 鈥済oodwill鈥� value of all its global businesses.

Goodwill is an accounting term for the non-capital value of businesses 鈥� including reputation and staff skills 鈥� and is typically calculated on forecast future revenue and profit.

KPMG鈥檚 head of mergers and acquisitions in the construction sector Jan Crosby said it had become 鈥渋ncreasingly common鈥� for businesses to have to make goodwill write-downs on European acquisitions because of the difficult market.

He said: 鈥淚t doesn鈥檛 make a difference to the functioning of the business as it鈥檚 non-cash, but it often has an effect on shareholders as it sends a message out about the future cash generation prospects of a business.鈥�

Morriss said despite the write-down the European business increased its profit by 拢12m over last year and has made the 鈥渂est start to a new year for four or five years鈥� in this financial year.

He said Aecom is 鈥渟till a year away from running really hot in all areas [in Europe]鈥� but is 鈥渃onfident鈥� the goodwill write-down is a 鈥渙ne-off鈥�.

He said he is starting to see a 鈥渂ig improvement鈥� at Davis Langdon - particularly in its integration with other parts of Aecom - and dismissed suggestions the company has been weakened by scores of senior departures since the takeover, adding it had recruited 鈥渟ome really good people鈥�.

He said: 鈥淲e believe the majority of the best people with the history of Davis Langdon written in their DNA are still here.鈥�

According to Morris, Aecom Europe is targeting growth in the transportation, sport, and London commercial sectors, as well as in Eastern Europe - particularly Turkey, Poland and Russia. The division is also considering mergers and acquisitions in the energy sector.

Aecom globally also reported its revenue was up 2% to $8.22bn (拢5.18bn) from $8bn (拢5.1bn) the previous year.

The write-down on the value of its Management Support Services business was down to a 鈥渓oss of revenue鈥� providing support to the US army in Iraq as troops began to withdraw from the country this year, Aecom said.