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UK losses hit Volker Wessels

FINANCE

GATESHEAD-based contractor Volker Stevin was the main reason behind a continued run of losses in work outside of The Netherlands at the group's Dutch parent, Volker Wessels.

Volker Wessels lost £1.4 million on work outside of The Netherlands last year and two thirds of this deficit came at Volker Stevin.

Volker Stevin, formerly known as Harbour & General, declined to comment.

In a statement, the firm said: '2004 was significant in that the company went through a process of restructuring and also completed the last of the problematic contracts that have adversely affected profitability over the last two years.

'While the result remained in a loss position it was a considerable improvement on 2003 and the underlying performance of the regional businesses was very good.'

Volker Stevin lost £915,000 last year compared with £2.8 million in the previous year, despite turnover rising £7.4 million to £77.1 million.

The board took a hit from the continued losses, with wages for the highest-paid director, who is not named, cut by £6,000 to £101,000.