Register
(photo: )
01.05.2019, 10:51

Drake & Scull Confirms Historic Losses

Company News, EMEA, Service Provider News

Dubai-based Drake & Scull International has reported 2018 losses of 4.5 billion UAE dirhams (£938,290), and confirmed the Emirate's Public Prosecutor is investigating the contents of the prospectus issued prior to its 2009 listing on the Dubai Financial Market.

 

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.

 

 

 

Article rating:

vote data

Leave a reply

Pictured: Compass Group PLC CEO, Dominic Blakemore. (photo: Compass Group UK & Ireland)
News Editor  - 11.01.2021

Putting the Planet First

Compass Group is among 25 companies to have confirmed support for the Terra Carta pledge launched by HRH The Prince of Wales’ Sustainable Markets Initiative.

(photo: Meritt Thomas)
Simon Green  - 06.01.2021

Smoke Bombing or Air Sanitisation Units?

Simon Green, Head of Value Engineering, Sourcing & Quality for the Airdri Group, explains why air sanitisation units are preferable to the practice of smoke bombing in workplaces post-Covid-19.

(photo: TUV Rheinland)
News Editor  - 06.01.2021

Hailing Building Materials Testing

A specialised testing service from TÜV Rheinland can prevent damage to buildings, cars and caravans caused by hailsontes.

(photo: Brigton Hollingdean MRF/Veolia Environnemental Sevices)
Staff Reporter  - 17.08.2020

Backing the UK's Green Economic Recovery

Veolia’s latest Sustainability strategy, Impact 2023, aims to support innovation and new infrastructure by adding to over £2 billion the company has already invested in the UK's circular economy.

(photo: )
FM Editor  - 18.12.2019

The Drains of Christmas Future

UK wastewater and drainage solutions provider Lanes Group has reimagined "A Christmas Carol" into a story about the importance of clean drains.

(photo: )
FM Editor  - 18.12.2019

University of Manchester Clean Room Contract

SPIE UK has won an 18-month design, supply, install and commission contract for a clean room at The University of Manchester, as part of a new build being constructed by Balfour Beatty.