Warings, the South Coast subsidiary of French contractor Bouygues, has posted a 19% drop in turnover from £98.8m to £80.1m in the year to 31 December 2009
Despite the fall, the company boosted pre-tax profit from £202,000 to £1.5m as part of a drive by Bouygues UK boss Madani Sow to improve profit margins at the business. A profit of £1.5m on turnover of £80.1m is a margin of 1.9% – up from 0.2% in 2008.
Bouygues paid about £30m for Warings in December 2007 and it is still on the hunt for new deals in the UK. It is understood Bouygues was in talks with East Anglian based company Haymills before it was bought by rival Vinci at the eleventh hour last August.