Utilities group AWG this week revealed that its acquisition of Morrison Construction had cost it £106.4m in the past year.
AWG said it had taken an exceptional, non-cash charge of £99.3m in the year to 31 March. Of this, £60m was to cover changes in the value of the Morrison business since the acquisition and £39.3m was for the revaluation of Morrison's property developments.

The firm also announced that Morrison's international business, which it is in the process of winding down, had lost £7.1m during the year on turnover of only £11.9m.

AWG has not started any new projects since it bought Morrison in August 2000. The Morrison losses contributed to AWG posting a post-exceptional loss of £53m.

AWG's troubles with Morrison have led to speculation that the group will sue former owners Gordon and Sir Fraser Morrison. AWG has refused to rule out the possibility of action. A spokesperson said: "Our legal investigation is entering its closing stages."