US giant Aecom has posted a post-tax loss of $59M (£37M) for the financial year ending 30 September following a major write-down of its UK business.
The firm’s post-tax profits, which were £174M in 2011, were hit by a £200M write down in its European and Management Support Services (MSS) business in the final quarter of the year. Aecom posted a £142M loss in quarter four compared with a £55M profit for the same period last year.
On an operating level the firm remained profitable, posting a pretax profit of £11M.
Aecom chief financial officer Steve Kadency said the write down in value of its business was largely driven by the “precipitous withdrawal of US troops from Iraq last December” and the performance of its western Europe business that has been “buffeted by challenging economic conditions, particularly in the UK”.
Kadency added the write-downs do not affect day to day business and that both areas remain important areas.
The firm gross revenue grew slightly in 2012 rising from £5bn in 2011 to £5.2bn this year.