Bullough dives to £13.9m loss

12 April 2012

ENGINEER Bullough's exit from its product procurement services division contract with Land Securities Trillium and trading losses cost it a total of £7.6m in the year to December.

The sale of the division last month has enabled management to concentrate on the remaining divisions of temperature control and workplace solutions, which between them have assets worth 49p a share.

However, chairman Howard Marshall warned that increased insurance and pension costs would hit these divisions in the short term. Bullough's contract with Trillium related to the supply and maintenance of furniture and other equipment on its estates.

Bullough has taken on to its board Peter Gyllenhammar, deputy chairman of construction and property group Montpellier, which raised takeover hopes in the market when it took a 29.9% stake.

A series of fixed-price contracts allied to the Trillium tie-up sent pre-tax losses to £13.9m against a pre-tax profit of £4.7m in 2000. There is no dividend.

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