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Mowlem sells SGB stake to focus on 'core construction'

JOHN MOWLEM is to sell its 51% stake in scaffolding and formwork specialist SGB to focus more on its core construction, facilities management and environmental work.

Mowlem chief executive John Gains announced the decision this week as he reported the group's interim results.

Pretax profit for the six months to June 1999 was £16.7M, up from £13.8M. Turnover was up to £787M from £719M last year.

The construction business reported profits of £5.1M on a £541M turnover, compared to figures of £3.3M and £496M for the same period last year.

Civil engineering margins hit 3%, thanks in large part to efficiencies gained by investment in specialist small bore tunnelling equipment for use on water industry projects, said Gains.

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