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Volker Stevin makes £2.7m loss

FINANCE

A TRIO of bad jobs has sent the UK arm of Dutch contractor Volker Stevin sinking to a £2.7 million loss.

The Gateshead-based outfit, formerly known as Harbour & General before being bought out by the Dutch giant, made the loss despite upping turnover by £19.2 million to £69.7 million.

Michael Smith, managing director of Volker Stevin UK, said:

'While the result for 2003 was disappointing, due to significant losses being incurred on three contracts, the remainder of the business performed satisfactorily.

'The outlook for the future has been strengthened by a number of long-term framework contracts, some in joint venture with others.These contracts will continue into 2004 and beyond.'

Volker Stevin is part of family-owned Volker Wessels, which recently bought Fitzpatrick and also owns roads contractor John Crowley and a 50 per cent stake in GrantRail.

Combined results for the Dutch giant's UK and North American subsidiaries show turnover up £52 million to £250 million last year but earnings before tax falling £2 million to £6.6 million.

In a statement Volker Wessels said 'Results in the UK lagged behind expectations in 2003.'