Contractor posts losses of £135 million

Contractor posts losses of £135 million

Maintenance and front-line services contractor Enterprise announced the huge loss for 2010 in its annual report and accounts which also revealed a total loss of £123m.

For its annual report the year before, 2009, the company posted a pre-tax loss of £30.6m and a total loss of £27.2m.

The increased loss was blamed on ‘exceptional items, amortisation of intangibles, non-cash finance costs, impairment of goodwill and tax’ as before these, the company made an operating profit of £61m, down from £77m last year.

Alan Peterson, chairman, said the company was in the process of restructuring as well as training staff and taking steps to increase the rate of contract wins.

Mr Peterson said: ‘There are structural changes commencing in most of the Company’s markets such as the Green Deal, Project Discovery and Localism that are creating opportunities.

‘The Board’s role in ensuring the Group can take advantage of these opportunities has never been greater.’

The group said recent contract wins, such as the two-year £10m one with City West Homes to install Photovoltaic solar panels on the housing stock for Westminster Council, would have a positive impact on future performance.