Warwickshire contractor Pettifer Construction has sunk £7m into the red for the year ended 30 September 2007 after a number of problem jobs.
The loss compares with a pre-tax profit of £810,000 on £57.9m turnover the previous year. Turnover dropped 12% to £51m.
Pettifer described its year as “very disappointing”. It said: “The settlement of a number of completed contracts produced unsatisfactory results and, together with a number of problematic current contracts, seriously affected margins.”
It added that the appointment of Chris Pape as managing director had made a positive impact on the business. The former director of Carillion’s regional building division joined the firm last October.