Imtech Group says 鈥渄elayed project starts in the UK鈥� impacted its first-half results
Imtech Group鈥檚 UK & Ireland division slumped to a first-half operating loss of 鈧�1.3m (拢1m), as its Dutch parent company scaled back its operations in the country.
In results for the six months to 30 June 2014, Imtech Group reported that its UK & Ireland division made a 鈧�1.3m (拢1m) operating loss, down from a 鈧�13.2m (拢10.5m) operating profit the previous year.
Imtech UK & Ireland, which provides M&E services, also posted a 24% decline in revenue to 鈧�303.5m (拢241.5m), down from 鈧�400.1m (拢318.4m), while it cut back its headcount to 3,174, down from 3,396.
Imtech Group as a whole posted a 10% decline in revenue to 鈧�1.95bn (拢1.55bn), down from 鈧�2.16bn (拢1.72bn) and a reduced operating loss of 鈧�121.9m (拢97m), compared to a 鈧�197.2m (拢156.9m) operating loss the previous year.
Imtech Group said its revenue reduced 14% in the second quarter partly due to 鈥渄elayed project starts in the UK鈥�, as well as weaker performance in Sweden and more selective bidding in Germany, Eastern Europe and the Nordic countries.
No comments yet