Imtech Group says “delayed project starts in the UK” impacted its first-half results
Imtech Group’s UK & Ireland division slumped to a first-half operating loss of €1.3m (£1m), as its Dutch parent company scaled back its operations in the country.
In results for the six months to 30 June 2014, Imtech Group reported that its UK & Ireland division made a €1.3m (£1m) operating loss, down from a €13.2m (£10.5m) operating profit the previous year.
Imtech UK & Ireland, which provides M&E services, also posted a 24% decline in revenue to €303.5m (£241.5m), down from €400.1m (£318.4m), while it cut back its headcount to 3,174, down from 3,396.
Imtech Group as a whole posted a 10% decline in revenue to €1.95bn (£1.55bn), down from €2.16bn (£1.72bn) and a reduced operating loss of €121.9m (£97m), compared to a €197.2m (£156.9m) operating loss the previous year.
Imtech Group said its revenue reduced 14% in the second quarter partly due to “delayed project starts in the UK”, as well as weaker performance in Sweden and more selective bidding in Germany, Eastern Europe and the Nordic countries.