The Irish arm of Laing O’Rourke went into the red in 2010 as revenues dropped and its workforce was slashed by more than half.
The firm saw a 75.7% per cent fall in revenues last year from €103.6M (£86.1M) to €25.1M (£20.8M) to the end of March 2010, according to accounts filed with the Companies House.
The figures reveal that the Laing O’Rourke Ireland Ltd experienced a pretax loss of €1M (0.83M) – in comparison to a pretax profit of €2.8M (£2.3M) in 2009. The losses suffered last year lead to the business’ accumulated losses hitting a total of €6.2M.
A statement from the directors added that they “are disappointed with the loss for the year incurred as a result of difficult economic conditions. Market conditions remain challenging and the business will only pursue selective profitable opportunities”.
The firm lost around 52 per cent of its workforce during the year – with the number of staff employed falling from 590 to 282. Site staff were hit hardest, with 185 posts lost in that sector.
The job losses also saw the firm cutting its staff costs by 45 per cent – from €33.8M (£28.1M) to €18.7M (£15.5M).