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M&E outfit Staveley suffers 28% fall in turnover

14 Oct 11 M&E firm Staveley Engineering Services has reported turnover of £96.1m in its results for the year ended 31 May 2011, a sharp fall from the £134m posted the year before.

Profit before tax dived from £19.3m to just £432,000 – although the £2010 figure included a gain of £18.7m from the disposal of a subsidiary.

Staveley has operating cash of £1.3m, compared to £2.7m 12 months ago.

The M&E outfit provides design, procurement, installation and commissioning, testing and maintenance services.

Its main markets are defence, aerospace, education, custodial, water, commercial offices, retail and leisure, and renewable energy.

During the year, Staveley's directors undertook a “rigorous review of all costs” and took “appropriate measures to align these with the expected performance of the business in 2011 and beyond”.

The firm said its financial performance for the year was “satisfactory” and that it maintained “strong positions” in it principal market sectors.

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