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Emcor sees restructure pay off

FINANCE

M&E GIANT Emcor Drake & Scull has netted £1 million from selling off its half share in a South African facilities maintenance business.

The sale was part of a restructuring plan put into place this January by new chief executive Tony Whale, which continued to pay off in the third quarter of this year. Emcor president Frank MacInnis said: 'We are very pleased with the progress we have seen in the UK, which generated operating income during the period versus a loss a year ago as a result of the actions we have taken to restructure that business.'

The UK business, which lost £11.7 million last year, also booked a £1.6 million pretax profit in the third quarter as part of the sale of its tool hire arm, Delcommerce, to Brandon Hire.

Emcor Group does not break out UK results but worldwide profits surged £3.3 million to £10.7 million in the three months to September 2004.Turnover rose to £663.7 million from £631.9 million last time.