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The Serious Fraud Office probe into bridge-building firm Mabey & Johnson contributed towards a 拢60m hit suffered by the firm over the past two years, company accounts have revealed.

According to its 2008 financial results, which were filed at Companies House last week, the company posted a loss of 拢11.8m as a result of more than 拢15m in exceptional expenses associated with fighting the Serious Fraud Office (SFO) investigation and unidentified contracts terminated as part of a separate wrangle.

The costs came on top of a 拢44m hit in the previous year, which included 拢12.8m of exceptional expenses and a 拢31.1m cost related to projects.

Last week, the company was fined 拢6.6m after pleading guilty to charges of breaching UN sanctions in Iraq and bribing officials in Jamaica and Ghana to win work.

The company declined to comment beyond a statement last month which said it had wiped the slate clean. It said: 鈥淭hese [拢6.6m] costs will hurt the company. But our goal is to ensure we can protect jobs and take our business forward.鈥�

The terminated contracts relate to a row that could cost the company even more money. A statement in the accounts said: 鈥淭wo of the company鈥檚 long-term contracts were suspended by one customer alleging breaches of contract by the company.鈥�

Turnover in 2008 fell 40% from 拢91.4m to 拢55.2m, largely as a result of a 拢40m drop-off in revenue from Asia, which fell from 拢61.5m to 拢21.2m. The contribution from Africa dropped by 拢8m to 拢2.5m.

Five of Mabey & Johnson鈥檚 directors stepped down this year and an SFO-appointed monitor has come in to scrutinise its activities. In a statement, managing director Peter Lloyd said: 鈥淲e have made a fresh start as a company.鈥�