Construction and regeneration firm Morgan Sindall has confirmed it has seen losses of £43.1m last year in its construction division…
Changes to the way in which construction and regeneration company Morgan Sindall reports its financial figures has seen a £43.1m loss recorded last year.
The construction division recorded the significant operating loss as it revamped its divisional reporting structure.
The firm said it hoped this would “better align its reporting segments with the business strategy and operational management structure”.
The changes mean affordable housing figures will be split into two separate areas: property services and partnership housing.
Maintenance work will fall under construction operations, rather than property services, and development work at partnership housing will come under regeneration operations.
Last year saw the firm post a pre-tax loss of £14.8m, compared to 2014, which saw a £23m profit. In February the firm reported it was having to writedown £47m for 2015 after problems on the Faslane naval base project in Scotland.
It is expected the firm will publish their figures for the half year ending 30 June 2016 on 2 August 2016. This will be prepared using the new reporting structure.