Aedas Group losses widen
Restructuring costs blamed for fall
Restructuring costs are being blamed for losses at Aedas ballooning to more than £900,000 in 2011.
Aedas Group, which is responsible for the firm’s European operations as well as its joint ventures in the Middle East and the Americas, said pre-tax losses had grown from £88,000 in 2010 to just over £952,000 for the year ending December 2011.
Turnover, which includes its share of joint ventures, was up to £49.6 million from £45.5 million.
Finance director Tony Gardiner said: “While the costs associated with some global restructuring initiatives have impacted on profitability in 2011, we are confident of meeting targets in 2012.”
In a note accompanying the accounts, group director Malcolm Ellis said: “The key risks facing the group arise from the ongoing uncertainty affecting global economic activity and the impact on the group’s key domestic market sectors of the central and local government spending cuts.”
Despite this, UK turnover, which included its work on the Thames cable car, actually rose 13% to £37 million.