Cowlin profitable again in first year in Balfour's hands

Cowlin Construction has moved back into the black with a pre-tax profit of ВЈ6m, its first full-year results since it was swallowed up by Balfour Beatty in September 2007 showed.

Cowlin's turnover for the year to 31 December 2008 stood at ВЈ196m, lower than the ВЈ255.8m it recorded for the 15 months to 31 December 2007. However 2008's turnover did not include Cowlin's Southampton office, which was transferred into Balfour Beatty Construction early that year.

Despite that the firm still returned to profitability, having registered a ВЈ5.5m pre-tax loss in the 15 months to 31 December 2007 following acquisition write-downs.

The company's highest-paid director received ВЈ159,181 for the year, compared to ВЈ448,445 in the previous 15 months.

Average monthly staff headcount was also down to 443, from 452 in the previous 15 months.

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