Continuing losses from pipeline cleaning wiped out the rest of the group's profit of pounds 160,000, struck from sales of pounds 209m. After a sharp deterioration in trading during wet weather in February the decision was taken to close the business.
The pre-tax loss of pounds 5.84m compared with a pounds 254,000 profit in the year to June 1993. There was a loss per share of 5.04p (0.33p profit). A final dividend of 0.5p made a full year total of 1p.
General construction also had a poor year, with last year's pounds 408,000 profit turned into a pounds 2.41m loss. George Marsh, managing director, warned that margins in civil engineering and building would remain depressed for some time.
Housebuilding and building supplies both improved, with a 31 per cent rise in completions contributing to a profit of pounds 2.03m ( pounds 1.58m). Supplies reversed last year's loss of pounds 717,000 into a pounds 447,000 profit. The shares closed 7p lower at 27p.Reuse content