The company, which has become heavily involved in the house building market, has also seen turnover plummet 25% to ВЈ95.9m for the year to 2 November 2008.
In its directors' report the company said: "2009 continues to see difficult economic conditions, with some competitors going out of business and most others undergoing similar restructuring exercises; these economic and competitor conditions combine to create a tough sector, where every contract is hard won and margins are continually under pressure."
The company said that it had acted quickly to reduce overheads, which have fallen by ВЈ4.4m from ВЈ36m in 2007 to ВЈ31.6m in 2008. The highest-paid director at the firm took a major pay cut of more than ВЈ500,000, down from ВЈ761,842 to ВЈ225,545.ADVERTISEMENT
It warned that the principal risk that it faced continued to be bad debts from trade debtors, and that it was monitoring its cash flow "on a daily basis".
The statement added: "The construction sector remains difficult in 2009 and indications are that recovery will be minimal until the second quarter of 2010."
Halcrow set to cut 270 jobsAccounting, finance jobs becoming available in Nashville