Construction woes pull down Shanks
Friday 25 June 1993
The result, in line with a profits warning three weeks ago, reflected a pounds 19m provision at the construction business, where problems in obtaining payment for roadwork projects saw a pounds 2.7m trading profit turn into a pounds 15m loss last year. It is expected to incur a pounds 3m loss this year.
The company's landfill waste business increased profits by 9 per cent to pounds 13.7m despite sluggish demand because of the UK recession. Earlier this year, it acquired four new sites from Hanson, the industrial conglomerate, in exchange for a 4.7 per cent stake.
The group's environmental services side - which provides treatment of chemical waste - slipped from a profit of pounds 9.5m to pounds 9.1m due to difficulties at Rechem, acquired for pounds 170m in 1991.
Although the business handled higher volumes, this was offset by losses overseas due to regulatory changes affecting the shipment of waste across borders.
Gordon Waddell, chairman, conceded that Rechem's performance had been 'below average' but said it had been expected.
Earnings fell from 9.9p to 4.1p. The total dividend is held at 5.7p.
The results were accompanied by a gloomy trading statement. 'There is no evidence of any significant upturn in the group's business. Until that occurs normal pre-tax profits of the waste division are unlikely to differ materially to those of the past year.' The shares fell 5p to 170p.
- 1 Isis burns thousands of books and rare manuscripts from Mosul's libraries
- 2 Scarlett Johansson new band 'already hit with legal complaint' from another The Singles
- 3 Husband and wife die holding hands within hours of each other after 67 years of marriage
- 4 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
- 5 'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Liam Gallagher brands Kanye West 'utter s**t' during BRIT Awards performance
Isis burns thousands of books and rare manuscripts from Mosul's libraries
Husband and wife die holding hands within hours of each other after 67 years of marriage
Mohammed Emwazi: Family of man named as 'Jihadi John' described by neighbours as 'normal Muslim family'
Mohammed Emwazi: Nine things we know about man named as Isis militant 'Jihadi John'
Oscars 2015: Birdman beats Boyhood as Eddie Redmayne and Patricia Arquette win big - as it happened
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
This is what it's like to be dead, according to a guy who died for a bit
iJobs Money & Business
£17000 - £25000 per annum: Recruitment Genius: An opportunity to join this new...
£18000 - £21000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£36000 - £44000 per annum: Recruitment Genius: Encouraging more businesses to ...