Heijmans sees profits but falling revenues in 2010

Dutch contractor Heijmans expects 2010 to be a difficult year, according to its out-going Executive Board chairman, Rob van Gelder. The company expects revenues to fall this year compared to 2009, although it says it will be profitable.

Mr van Gelder said, "Our markets will not yet recover in 2010." He added that the company had "cut its 2009 cloth to match its 2010 coat".

Actions taken by Heijmans last year included cutting 1300 jobs and raising € 100 million in fresh capital through a rights issue. It also set out a new strategy to focus on the Dutch construction market, having sold businesses in the UK and Germany.

The company has also announced that the current vice-chairman of the Executive Board, Gerrit Witzel, will succeed Mr van Gelder as chairman on 28 April 2010, when Mr van Gelder plans to retire.

Mr van Gelder joined Heijmans in July 2008, following the resignation of Guus Hoefsloot as executive chairman and Joep Brentjens as chairman of the Supervisory Board, following a string of poor financial results and pressure from the Van Herk Groep, a major shareholder.