The performance is considerably worse than in 2009, when the access specialist was in the red to the tune of 拢10.7.
Turnover was down to 拢107.5 from 拢122.4m.
Harsco, known as SGB until 2009, is owned by US industrial services giant Harsco Corporation.
The split of turnover across the Harsco UK business during 2010 was:
- Sales: 拢27.1m (2009: 拢34.4m)
- Equipment hire: 拢27.2m (拢35.2m)
- Contracts: 拢53.3m (拢52.8m)
During the fourth quarter of 2010, Harsco undertook a 鈥渓arge scale restructuring programme鈥� to reduce the cost base of the business, which resulted in 拢8.5m of exceptional costs. The firm paid out 拢2.7m in redundancy.
In June 2011, Harsco disposed of its 鈥渘on-core鈥� accommodation and event services businesses to Wernick Group to concentrate on 鈥渂lue chip construction and industrial customers鈥�.
The value of its assets, chiefly plant and machinery, fell during 2010 from 拢158.9m to 拢113.8m.
鈥淭he company's result in 2010 was a direct result of the continuing poor market conditions in the UK construction sector,鈥� said director Christopher McGalpine. 鈥淭he difficulties faced... resulted in significant reductions in margins as pricing became highly competitive.
鈥淚n the light of these circumstances, the directors have considered the going concern position of the company. Harsco Infrastructure Group, one of the company's immediate parents, has indicated that the necessary finance will continue to be available to enable the company to continue to trade for the foreseeable future.鈥�
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