Ballast Nedam issues new profit warning, cuts more jobs

Construction group Ballast Nedam said on Wednesday it is to scrap a further 150 jobs after publishing a 2013 profit warning.

The company said in a statement it is likely to make an operating loss of €25m to €30m over 2013. The estimated losses have doubled since October, when the company also said it would post a 2013 loss.

The new round of job losses brings the total since October’s announcement to 400. At the beginning of 2011, the company had a workforce of 4,000 but by the end of this year it will have gone down by 25%, Nos television says.

The company has been affected by the downturn in the construction market, which has hit is regional activities particularly hard.

Ballast Nedam’s shares fell 9% in early trading on the Amsterdam stock exchange. The definitive figures will be published on March 7.

The company has agreed a new rights issue with shareholders and banks to raise €30m to strengthen its balance sheet.

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