Struggling Imtech books fewer orders and lower turnover

imtech flagsStruggling technical services group Imtech on Tuesday announced a fall in turnover in the third quarter of 11% to €940m but an improvement in losses of nearly 25% to €75m.

New orders in the third quarter were €862m, a drop of 8%.

The Gouda-based company has been struggling since it was hit by two scandals in 2013 when financial fraud was discovered in Poland and Germany. This drove the company to a loss of €700m over 2013 as a whole.

In October, the four banks supporting Imtech’s new share issue were forced to pick up 47% of the stake after investors shunned the company’s efforts to raise €600m.

CEO Gerard van de Aast said on Tuesday that these problems are now behind the company and it can move forward. ‘With the financial restructuring having been addressed, we can now fully focus on further operational improvement,’ he said.

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