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Losses grow at Pierse UK

FINANCE

LOSSES spiralled at the UK arm of Irish contracting and housing giant Pierse after a surge in workload.

In the year to April 2005, Pierse lost £2.3 million, compared with a £368,440 deficit in 2004.

Pierse said: 'It is the intention to continue to develop the act ivit ies of this company.'

Pierse's turnover leapt from £11.8 million in 2004 to £29 million last year, boosted by a £5.4 million contract with the Ministry of Defence for work on a barracks in Gloucester, but the workforce was cut by 20 per cent to under 50 people.

This reduced the wage bill by £338,214 to under £1.3 million, but Pierse UK was also charged £724,315 for unidentified services by its Irish parent.

These charges helped lift pretax profits at Irish-based Pierse Contracting by £2.8 million to £8.4 million last year on turnover of £253 million - up from £218 million last time.