The UK arm of construction giant Hochtief plunged £11m into the red in the year that managing director Sally Cox stepped down after two years in the job.
Financial accounts for Hochtief (UK) Construction covering 2017 have only just been published at Companies House.
During that year Hochtief suffered the pre-tax loss, compounding a £4m loss in 2016. Revenue also fell by over a third to £100m as the firm became more selective about tendering.
The results follow another set back for Hochtief in April last year, when the High Court ruled it should pay around £130m in damages following the Glendoe hydroelectric dam tunnel collapse in Scotland.
Lawrence Jackson, who was appointed managing director in August 2017, said: “The focus of the business is on stability and controlled growth ensuring that new work carries the right risk profile and commercial terms.
“The strategy for measured growth continues as the company expands its market base with clients such as Network Rail, The Wesh Government, Highways England and Transport for London.”
from Construction Enquirer http://www.constructionenquirer.com/2019/03/11/hochtief-uk-reveals-deepening-losses/
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