Heijmans results “poor”

Heijmans has described its financial results for the first half of the year as "poor." Its revenues were up just +2% compared to the first six months of 2007, to € 1,72 million, and its post-tax profit fell from € 19 million last year to just € 2 million for the first half of 2008.

Commenting on the results, Executive Board chairman Rob van Gelder said, "The results are quite frankly disappointing. We will have to chart a new course over the coming months to get Heijmans back on track. This will however require outlays before benefits can be reaped."

The company said that losses were incurred in its Netherlands Building and Infrastructure divisions as well as its Belgian real estate business. Other areas of activity - its Dutch real estate business, UK subsidiary and Franki Grundbau in Germany posted good results.

The company was also at pains to pint out that the poor results did not have endanger its financing ratios or put its capital requirements under pressure.