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 BBC election debate: The one photo that summed up the whole 90-minute leaders debate
- 2 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 3 US? China? India? The 10 biggest economies in 2030 will be...
- 4 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 5 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
18th century sex toy found in 'toilet of sword fighting school' in Poland
'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...