In a trading statement, the company says that the first quarter performance “was slightly below the board's expectations. Although group revenue levels held up, group margin was adversely impacted by margin contraction in its construction and infrastructure and affordable housing divisions.”
Last year’s restructuring, bringing together the construction and infrastructure divisions, helped to offset somewhat the squeeze on profits.
The board said that general market conditions would “remain difficult throughout 2013 and no significant short-term improvement is envisaged”.
Got a story? Email news@theconstructionindex.co.uk
