Banks to review borrowing facility at end of month after fit-out contractor posts 'poor' results.
London fit-out contractor Miletrian has been hit by a £3m loss and the departures of two directors in the past six months.

The firm gave the information in its results for the year to 31 March 2002. It attributed the loss to problems with one large contract.

The report said: "The results for the year and the financial position at the year-end were considered poor. However, the directors anticipate much improved results in the future."

"Unaudited management accounts for the period to 31 December 2002 indicate a return to profitability."

It added that the firm's bank facilities were to be reviewed on 31 March.

"Cash flow forecasts and budget projections for 2003 show that the group should be able to continue to operate within the facility currently agreed, and within that [banking facility] which the directors expect will be agreed on 31 March 2003."

Turnover slipped by £1.4m to £38.2m.

The report also revealed that several senior executives had left the company. Director Keith Dawes, brother of chief executive Michael Dawes, left in September and director Ellington Benjamin resigned in December.

These departures follow the resignation of director Stuart McConnachie at the end of 2001.

Miletrian was last year forced to restate its results for the year to 31 March 2000 after discovering a financial blunder.

The mistake, described as a "fundamental error in the calculation of a major project", was understood to have involved double counting. It led to a stated profit of £1.24m for the period turning into a £52,000 loss.

Last year, the firm closed offices in Bermondsey, south-east London, and Sutton, Surrey. It now has one office left open, in the City of London In a statement last year, chief executive Michael Dawes said Miletrian needed to go through a period of consolidation.