Parent company of Imtech UK will implement 鈥榯igher controls鈥 across the group
Royal Imtech cut 1,300 jobs in its first quarter as it admitted it will have to make a larger write-off than expected on the value of its German business.
The parent company of Imtech UK admitted it had had a 鈥渄ifficult first quarter鈥 and had incurred 拢68m of costs from restructuring.
The group said it will make a further 鈧70m write-down on the value of its German division, on top of two 鈧150m write-downs already announced for the German division and its Polish business.
However the group said its UK & Ireland business had a 鈥済ood quarter鈥 and has a 鈥渨ell-filled鈥 order book.
The group said it will continue to employ a decentralised management model but 鈥渨ill considerably strengthen the quality and effectiveness of our business controls鈥.
Imtech鈥檚 UK division told 好色先生TV in February that it was 鈥渁utonomous鈥 from the rest of the group and had 鈥済ood prospects for further revenue and growth鈥.
Imtech UK has said it is aiming to become a 拢1bn turnover business in the UK by 2015.
Royal Imtech sought a 鈧500m (拢433m) rights issue in February.
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