Tarmac sank deeper into the red over the last six months. The construction company interim results show losses of £58.3m compared with £15.9m last time.
The group’s chief executive, Neville Simms attributed the loss to integrating Wimpey’s businesses into Tarmac’s organisation, the cost of which totalled £65m and resulted in 1,300 redundancies.
Simms added that the group’s construction order book is up 15% on last year with margins improving. In addition, Tarmac has won PFI contracts worth £800m during the first six months of the year.
EGi News 26/09/96
