UK - Construction group Carillion's profits have been hit by increased pension costs.
Carillion said pre-tax profits for 2003 were £50.8m, only £400,000 more than last year, after suffering £18m of “unavoidable” rises in the cost of running its £379m Carillion Staff Pension Scheme.
The firm has had to increase contributions to deal with its FRS17 deficit, which had grown from £53.1m in 2002, to £76.6m last year.
The firm said its focus on cost-cutting and performance improvement had resulted in profits being broadly similar to last year’s figures but the pension costs had hit them hard.
Chief executive John McDonough said: “The rise in cost is no more extraordinary than any other scheme’s at the moment and we are not concerned by it.”
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