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21/08/2012
Patton Group Posts 2011 Losses Of £7m
One of Northern Ireland's leading construction firms has reported a pre-tax loss of more than £7m in 2011, the BBC has reported.
Ballymena-based Patton Group said it was "an improving year" in "a very difficult trading environment" after the company suffered a £10m loss in 2010.
The firm's bottom line was hit by a combination of a reduction in the value of its development land and restructuring costs.
Turnover rose 8% to just over £176m and returned an operating profit of £2m.
However, that was wiped out by a £5m writedown in the value of development land, £1m in redundancy costs and a £2m inter company loan write off.
Over the year the number of staff fell from 494 to 409 reducing staff costs from £18.5m to £15.7m.
The company's long-standing chairman, David M Patton MBE, stood down in May this year after 60 years, passing on the reins to Neil Patton.
He chose the company's centenary year to do so.
And the firm shed about 50 jobs in spring this year, bringing the reality of the recession-hit construction industry home to Ballymena.
(NE)
Ballymena-based Patton Group said it was "an improving year" in "a very difficult trading environment" after the company suffered a £10m loss in 2010.
The firm's bottom line was hit by a combination of a reduction in the value of its development land and restructuring costs.
Turnover rose 8% to just over £176m and returned an operating profit of £2m.
However, that was wiped out by a £5m writedown in the value of development land, £1m in redundancy costs and a £2m inter company loan write off.
Over the year the number of staff fell from 494 to 409 reducing staff costs from £18.5m to £15.7m.
The company's long-standing chairman, David M Patton MBE, stood down in May this year after 60 years, passing on the reins to Neil Patton.
He chose the company's centenary year to do so.
And the firm shed about 50 jobs in spring this year, bringing the reality of the recession-hit construction industry home to Ballymena.
(NE)
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