黑洞社区

Royal Imtech cut 1,300 jobs in its first quarter as it admitted it will have to make a larger write-off than expected on the value of its German business.

The parent company of Imtech UK admitted it had had a 鈥渄ifficult first quarter鈥� and had incurred 拢68m of costs from restructuring.

The group said it will make a further  鈧�70m write-down on the value of its German division, on top of two  鈧�150m write-downs already announced for the German division and its Polish business.

However the group said its UK & Ireland business had a 鈥済ood quarter鈥� and has a 鈥渨ell-filled鈥� order book.

The group said it will continue to employ a decentralised management model but 鈥渨ill considerably strengthen the quality and effectiveness of our business controls鈥�.

Imtech鈥檚 UK division told 黑洞社区 in February that it was 鈥渁utonomous鈥� from the rest of the group and had 鈥済ood prospects for further revenue and growth鈥�.

Imtech UK has said it is aiming to become a 拢1bn turnover business in the UK by 2015.

Royal Imtech sought a 鈧�500m (拢433m) rights issue in February.