01.05.2019, 10:51
Drake & Scull Confirms Historic Losses
Company News, EMEA, Service Provider News
In a statement released yesterday, the construction and engineering group restated its accounts to incorporate losses from previous years it claims were concealed by a previous management team.
The company also revealed that the extent of its losses had only come to light as a result of an internal investigation that was initiated early in 2018 with the support of an external auditor.
Drake & Scull International has fallen victim to intense price competition within its core mechanical, engineering and plumbing (MEP) business. Following the 2008 global financial crisis, the group reported significant losses.
In 2017 the company installed a new Board of Directors and called on shareholders to fund a new capital restructuring plan.
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FM Industry (www.fmindustry.com) is a popular online destination for facility and corporate real estate professionals. The website is operated by the editorial team at Facilities Management Magazine™ ("FM Magazine"), the oldest independent periodical in the global facility services sector. Now published in three geographical regions, FM Magazine was the first publication to launch a facilities management title for the Middle East market in 2005 (when it was also invited to chair the region's first Green Building Conference on behalf of the Government of Dubai). FM Magazine [GCC Edition] is now incorporated into the publication's new EMEA edition.
