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Mixed results for Enterprise

Enterprise has predicted a rise in underlying pre-tax profit but has had to take a costly hit for contract writedowns and restructuring costs.
In a trading update issued today for the six months to June 30, the firm announced that its underlying pre-tax profit for the first half of the year will be up 20 per cent.

Enterprise chairman Owen McLaughlin admitted that restructuring, recent acquisitions, and a reappraisal of historical contract issues have prompted a one-off exceptional charge of £9.5m for the full year.

The firm's order book stands at £2 billion, while debt has been reduced to below £70 million.

McLaughlin said: 'I know shareholders will be disappointed that we have had to incur a one-off exceptional charge in order to restructure certain areas within the Group.

'I am however convinced that these changes will deliver tangible benefits to shareholders, immediately positioning us better to maximise our business development opportunities.'