UK arm of consultant returns to profit after posting £4.2m pre-tax loss in 2011
CH2M Hill’s UK business has reported a pre-tax profit of £7.5m for 2012, with revenue up 14% to £103m.
The £7.5m pre-tax profit for the year to 31 December 2013 compared with a pre-tax loss of £4.2m in 2011, which came after the firm wrote down a £6.8m investment in its Spanish and Russian businesses.
Since 2010 the firm has written down £12.3m in its Spanish and Russian arms, “due to uncertainty over future cash flows”, with the two subsidiaries now valued at nil.
In its accounts, posted on Companies House, the firm reported revenue for 2012 of £103m, up 14% from £90m in 2011, while operating profit rose from £2.6m in 2011 to £7.6m.
The accounts showed remuneration for the firm’s highest paid director rose from £384k in 2011, to £707k.
The average number of monthly employees remained stable at 229.
In February the firm’s US-based parent company announced plans to invest £65m in its UK business and recruit 500 additional staff in the country.
The new jobs will be created across the firm’s infrastructure divisions including nuclear; transportation, tunneling and earth engineering; water; environmental services and industrial & advanced technology.
CH2M Hill is working on High Speed 2, Crossrail (pictured), Thames Tideway Improvements and the decommissioning of former fast reactor research centre Dounreay.