Careys has reported a £16.6m operating profit for 2020, as it unveiled a restructuring of the business.

The civil engineering specialist will wind down three non-core businesses to simplify and refocus the group. The businesses that will be exiting are its Irish contracting business, although it will continue to work in the country, its housebuilding operation Careys New Homes, and the ION environmental asbestos-removal division.

Chief financial officer Warren Underwood said the three non-core businesses delivered a combined operating loss of £16m on turnover of £88m during the most recent financial period. He confirmed that the group would not be looking to sell any of them.

Underwood said: “In the previous set of accounts, those businesses have been significantly loss-making. So, as part of that strategic review, we’ve made a decision to step away from those businesses, [and the review process] has taken place over the last 18 months.”

The restructuring has seen 124 jobs cut across the business.

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Source: Construction News