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T5 rundown hits Bachy

FINANCE

A RUNNING down of work at Heathrow's Terminal 5 was behind a near one fifth fall in turnover last year at Bachy Soletanche, the UK arm of the global ground engineering contractor.

But in a business review the firm said it was continuing to increase its turnover in its core markets outside Heathrow and was confident of maintaining a good performance in 2005. Overall margins on specialist works have fallen due to a tightening in markets.

Bachy Soletanche's turnover fell from £101.8 million to £81.8 million in the year ending December 2004, following a peak in work at the airport terminal project in 2003.

The company reported a pre-tax profit of £1.04 million compared with £571,000 in 2003, when the result was depressed by a significant loss on a long-term contract.

It said its offices in Glasgow and Birmingham were achieving market penetration.

The company is looking at ways to increase profitability through increased market share and improved site productivity.