Mowlem plunges to pounds 31m loss

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The Independent Online
Mowlem plunges to pounds 31m loss

John Mowlem has plunged into losses of pounds 31.8m for the half-year to June after a massive restructuring provision and a pounds 14m charge to end a long- running contract dispute. The construction group has provided pounds 16.4m for the closure of three businesses, involving the loss of an estimated 700 jobs, and is near to finalising the sale of its majority stake in London City Airport. Negotiations with two European buyers are said to be well advanced.

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