Hightex is first loser in World Cup
Problems in Brazil, where it built the roof of Rio’s Maracana stadium, pushed Hightex deeper into the red
Monday 09 June 2014
The company behind the roof of Rio de Janeiro’s Maracana stadium, which is due to stage the World Cup’s first match, blamed problems with its Brazilian joint-venture partner for widening losses yesterday.
London-listed Hightex, which specialises in cable-supported membrane roofs for stadia, won contracts for three World Cup venues along with its local partner Sepa Hightex Coberturas.
But the company in effect put itself up for sale yesterday as its directors admitted that a stronger balance sheet would be needed to help it bid for further contracts.
Hightex claims problems getting payments from the Brazilian joint-venture company pushed it into pre-tax losses of €2.8m (£2.3m) for 2013, forcing it to sell half of a subsidiary and raising a loan of up to $10m (£6m) to cover running costs, of which $1.8m has been drawn down.
It said: “One specific solution for Hightex might be to identify a partner with the appropriate financial strength that would complement the well-recognised, innovative construction engineering skills for which the company is renowned.”
The World Cup final to be staged at the Maracana will be the third played under a Hightex roof after previous work on Berlin’s Olympia-stadion in 2006 and Soccer City in Johannesburg in 2010.
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 Prince Harry leaving the armed forced to pursue conservation projects in Africa
- 4 PornHub turns masturbation into energy in bid to save the planet
- 5 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
Leonard Nimoy dead: Star Trek Spock actor dies after suffering lung disease
PornHub turns masturbation into energy in bid to save the planet
Ukraine crisis: Top Chinese diplomat backs Putin, says West should 'abandon zero-sum mentality'
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
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
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...