Saturday, August 29, 2009

Seddon profit plummets 89%

Seddon Group has warned that the prospects of government spending keeping the construction industry afloat are now "less certain".

The comments came as the firm revealed an 89% fall in pre-tax profit to ВЈ1.27m for the year to 31 December 2008. Turnover also fell to ВЈ248.6m (ВЈ279m).

Despite this Seddon called the results "satisfactory" given the difficult economic conditions faced by the industry, and reported a net cash inflow of ВЈ2.5m, as opposed to a new cash outflow of ВЈ2.7m in 2007.

It reported that its residential and commercial property arms faced the most difficult trading conditions in the year. Its contracting business remained more steady but suffered from delayed or cancelled projects in the second half of the year.

The company's average monthly staff total rose for the year to 1,908.

The company's highest-paid director took a 57% pay cut, taking home ВЈ230,000. Their pension contributions also fell 10% to ВЈ54,000 for the year.

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