M&E giant Emcor has suffered a drop in profit of almost 6% as a result of restructuring costs.
Pre-tax profit fell to £5.8m for the year to 31 December 2006, compared with £6.1m in 2005. Turnover rose 6.4% to £415m.
Emcor, which is working on several high-profile schemes including the Channel Tunnel Rail Link, said the drop reflected the costs of opening an office in Leeds and combining two others in Manchester.
Tony Whale, Emcor’s UK chief executive, said: “The reinvestment we’ve made in our business through moving offices is part of our five-year strategic plan, which is going reasonably well.”
Mowlem, now part of Carillion, hired Emcor to carry out M&E work on the scheme in the mid-1990s, but later made a £39.5m claim against it. Emcor retaliated with an £11.6m counterclaim.