General – finance
Grimsby engineering giant Engie Fabricom has reported a £20 million loss for 2019, plunging it further into the red.
A long-running project has been flagged as a substantial part of the reason, with almost £11 million of the deficit attributed to it, while ‘challenging market conditions faced widely in the oil and gas sector’ were also highlighted.
Turnover fell 30 per cent, from £67.8 million to £46.6 million in the calendar year.
The multi-disciplined firm went into the pre-pandemic year with a £6 million loss in 2018.
Two huge investments by the parent company, French global energy firm Engie Group, have helped the business meet its obligations.