Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Kvaerner recovers

KVAERNER'S CONTRACTING division returned to profit in the year to 30 June despite a general downturn in the group's overall performance, according to results published last week.

Construction made an operating profit of NKr50M (pounds4M) compared to a loss of pounds3.1M, while turnover increased from pounds353.4M to pounds481.6M.

The contractor also said it was poised to win the pounds150M Addington section of the Channel Tunnel Rail Link.

Kvaerner confirmed its reorganisation which has created a new Engineering & Con

struction business (News last week). According to construction chief executive Keith Clarke, the reorganisation has improved capability for winning and delivering lump sum turnkey projects.

The Kvaerner group inherited an adversarial, profit-centred business culture when it acquired the diverse Trafalgar House construction empire in 1996. Last year the group - which includes pulp and paper manufacturing, oil and gas and shipbuilding - saw pre-tax profits plummet from pounds67.7M to pounds21.45M on turnover up from pounds2.66bn to pounds3.54bn.

Clarke said ending competition between profit centres should enable the division to improve overall profitability.

See Profile, page 10.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Please note comments made online may also be published in the print edition of New Civil Engineer. Links may be included in your comments but HTML is not permitted.