Crisis contractor Connaught has admitted it will make a 鈥渕aterial loss鈥� for the current financial year, ending 31 August 2010, following a review of its accounting practices.
In a statement, the public sector construction and maintenance outfit said: 鈥淭he Company will record a material loss, including current year exceptionals... for the current financial year to 31st August, 2010.
Connaught said it also anticipated 鈥渕aking provision for future losses on current contracts鈥� in its results for this financial year.
The contractor added that it expects to make significant write-downs in respect of the carrying value of assets as at 31 August 2009, the previous year end.
Last month, , after a profit warning had sent its share price crashing.
Chairman Sir Roy Gardner said: 鈥淚t is clear we face challenges in turning this Group around, but I remain both confident that this can be achieved and committed to seeing the process through.
鈥淭his is a business worth fighting for and my new team and I ask for your continued support for our efforts to rebuild Connaught."
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