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Construction News
15/03/2018
Redhall Issues Profit Warning After Contract Delays
Engineering services group Redhall has issued a profits warning due to delays over signing contracts to work on the multi-billion pound Hinkley Point C project in Somerset.
The Group's subsidiary, Jordan Manufacturing Limited (JML), has signed three deals with Balfour Beatty to supply specialist manufactured metal products for incorporation in the marine works at Hinkley Point C.
Despite welcoming the contracts being signed, Redhall said it notes the timing has been delayed "due to changes in scope, programme and design".
"Delays in large orders can have a significant impact on reported results and this delay, combined with those in other contract programmes and awards at our manufacturing businesses, has led the Board to conclude that the Group's financial performance for the current financial year, which will naturally be second half weighted, is likely to be adversely affected," Redhall said.
Chief Executive Phil Brierley said: "Whilst it is disappointing that the timing of contract awards has impacted our current year expectations, these are our first significant orders on what is a critical infrastructure project for the UK. We believe these contracts will be the first of many on the Hinkley Point C project and in the nuclear sector as a whole in the coming years."
(LM/MH)
The Group's subsidiary, Jordan Manufacturing Limited (JML), has signed three deals with Balfour Beatty to supply specialist manufactured metal products for incorporation in the marine works at Hinkley Point C.
Despite welcoming the contracts being signed, Redhall said it notes the timing has been delayed "due to changes in scope, programme and design".
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"Delays in large orders can have a significant impact on reported results and this delay, combined with those in other contract programmes and awards at our manufacturing businesses, has led the Board to conclude that the Group's financial performance for the current financial year, which will naturally be second half weighted, is likely to be adversely affected," Redhall said.
Chief Executive Phil Brierley said: "Whilst it is disappointing that the timing of contract awards has impacted our current year expectations, these are our first significant orders on what is a critical infrastructure project for the UK. We believe these contracts will be the first of many on the Hinkley Point C project and in the nuclear sector as a whole in the coming years."
(LM/MH)
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