Building group Ballast Nedam issues profit warning, cuts jobs

Building group Ballast Nedam on Friday issued a profit warning and said it will cut 250 jobs.

Rather than an operating profit of €15m, the company now expects to book an operational loss, Ballast Nedam said in a trading update.

‘The third-quarter results were disappointing. Unfavourable results were achieved on a major project and several regional infrastructure projects,’ the statement said.

The jobs will go in the fourth quarter at regional building firms, specialists and the headquarters operation. The reorganisation will cost some €7m.

‘We refrain from further quantification of the forecast in view of the persistent uncertainty surrounding substantial additional work on a major project and the completion of disposals in 2013,’ the statement said. The company did not say which ‘major project’ has run into trouble.

Thank you for donating to

We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.

Make a donation