黑洞社区

Byrne Group has suffered an 拢11.9m pre-tax loss after being hit by problem jobs completing at its fit-out arm Chorus.

In its full-year results to May this year, Byrne Group鈥檚 main concrete frame business Byrne Bros trebled its profit to 拢6m, but Chorus slumped to a 拢13.9m loss.

The firm said the remainder of Chorus鈥� contracts are profitable and will complete in this financial year to May 2017.

Its Ellmer subsidiary also suffered a 拢2.5m pre-tax loss after being hit by two problem jobs.

The overall pre-tax loss for 2016 was up from 拢4m the previous year.

Despite the loss, Byrne Group chief executive Michael Byrne said the performance of the underlying business demonstrated the operating profitability of the group moving forward.

He said: As part of the recovery strategy we strengthened our commercial procedures and established a dedicated team to manage-out the legacy contracts within the Chorus business.

鈥淣on-core businesses have been disposed of and the sale and lease back of our corporate headquarters was completed.

鈥淭hese moves have given the Group a strong base to move forward from, reducing debt and strengthening the balance sheet.鈥�

Turnover at the group was 拢329m, up from 拢299m the previous year, as Byrne Bros secured a steady flow of new work with new contracts starting on-site including a new extension for Westfields at Shephards Bush and the redevelopment of the BBC Television Centre for developer Stanhope.