Dutch builder says 'disappointing year' in 2007 caused by set backs in building division

Dutch builder Heijmans has seen profits fall by a third in 2007 in a “disappointing year” for the firm, the company revealed today.

Announcing 2007 results, it said it had made €56.4m profit, down from €82.5m in 2006, but just hitting reduced profit expectations. In October the firm had cut its profit targets from €95m to €55m.

However revenues rose over the period from €2.94bn to €3.73bn. In addition the firm predicted profits would rise again in 2008. Chief executive Guus Hoefsloot said the “disappointing year” was caused by major setbacks in the company’s building division.