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Eve Graham losses spark resignations
00:00 15 Aug 1996
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Eve Group's M&E subsidiary Eve Graham lost œ5.4 million
last year. Its md and finance director have both resigned.
The group to reported an annual loss of œ4.6 million (profit œ2.9 million) last week, withgroup finance director Peter Adams resigning the day before the announcement.
Roger Ames, chairman, said: "Due to large contracts having been taken on at very low margins, losses have been incurred. Recovery of debts is proving to be a lengthy process resulting in most serious losses.
"Following the resignation of the md and financial directors of this subsidiary, the board has imposed new operating controls."
Cable laying subsidiaties Eve NCI and Eve Claydon both showed a deficit - a result of reorganisation since their acquisition from the receivers.
The construction division just managed to break even.
The group to reported an annual loss of œ4.6 million (profit œ2.9 million) last week, withgroup finance director Peter Adams resigning the day before the announcement.
Roger Ames, chairman, said: "Due to large contracts having been taken on at very low margins, losses have been incurred. Recovery of debts is proving to be a lengthy process resulting in most serious losses.
"Following the resignation of the md and financial directors of this subsidiary, the board has imposed new operating controls."
Cable laying subsidiaties Eve NCI and Eve Claydon both showed a deficit - a result of reorganisation since their acquisition from the receivers.
The construction division just managed to break even.
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