Revenues in the UK & Ireland increased by 49% in financial year 2012 despite a “difficult and turbulent” period for Imtech as it dealt with fraudulent actions in Poland and Germany.
Revenue soared to €750.6m (£641m)in the UK & Ireland, impacted by the acquisition of UK system integrator Capula in May 2012 and some roll-over effect of two acquisitions in 2011.
EBITDA grew 67% to €44.2m (£37.8m), compared with €26.4m last year. The order book rose 8% to €575m (£491m).
Despite difficult market conditions in the UK, Imtech said it achieved a good performance, supported by the activities in the UK water market.
Revenue for the group increased by 7% to €5.4bn, while EBITDA for 2012 was a loss, primarily due to the write-offs in Poland, Germany and the Netherlands as well as difficult market conditions in Benelux, Spain and Marine, Imtech said.
After the identification of the irregularities in Germany and Poland, Imtech said it was not going to meet its year-end 2012 financial covenants. On 15 June, Imtech reached final agreement with its main financiers (including the lenders of the syndicated bank loans, the holders of unsecured senior notes and its largest guarantee providers) regarding a waiver and amendment agreement for the outstanding facilities
Gerard van de Aast, CEO, said:
“The publication of the audited results brings a difficult and turbulent period to an end. Imtech must now look forward and implement the recovery plan. Imtech’s core value proposition based on its technological capabilities and market coverage is still intact. The people at Imtech will move forward and continue to make serving their customers their top priority. To all our stakeholders we truly apologize for the turmoil and disappointment we have caused.”
On its outlook, Imtech said:
“2013 will be a year of transition. In several markets, in particular the Benelux and Germany, Imtech has to deal with lower market volumes and has to adjust its cost base to these market conditions. On 23 April 2013, Imtech announced a restructuring programme of 80 million euro. As a result of the recent events, Imtech is in the process of a financial restructuring for which it expects out of pocket costs of approximately 110 million euro and increased interest margins going forward. No specific forecasts are being made regarding 2013.”
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