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