Lossmaking contracts drag on Esor’s FY revenue

The impact of legacy lossmaking contracts remain reflected in the results of civil engineering and construction group Esor, shrinking revenue by 9.1% to R1.45-billion for the year ended February 28, 2015. The group’s financial perfomance had been further impacted by a R29.7-million impairment of goodwill and the fair value write-down of the contingent consideration from the R35.4-million disposal of the geotechnical business and the operating loss of R48.3-million reported in the civils division.