Engineer's profit constrained by £7m in redundancy costs and Middle East project delay
In preliminary results for the year to 3 May 2009, engineering firm Scott Wilson Group has said that its profit remained level at £22.6m, while revenues grew 11% to £360m this year from £324.2m the previous year. The firm's order book was up 4% from £280m to £291m.
Scott Wilson blamed the lack of growth in profit on an exceptional charge of £7m due to redundancy costs and losses incurred as a result of one project in the Middle East being indefinitely postponed.
Chairman Geoff French said the firm expected to secure infrastructure work in China and India, where it has a strong presence.
He continued: “We are confident that this geographic diversity, combined with our technical and industry credentials, our strong order book and our financial strengths leave us well placed to continue to respond effectively to market developments.”
But French brushed off suggestions of growth in either the UK or the global property sector.