Tilbury Douglas made a £94m pre-tax loss last year due to tradition expenses associated with its separation from Interserve Group.
The business likewise saw its turnover fall from £463.5m to £405.2m in the year ending 31 December 2022, with directors stating a fall in work “reflected problems skilled in winning work throughout 2021, emerging from unpredictabilities while still part of the Interserve Group”.
The specialist, previously one of the biggest arms of the £3.2bn-turnover Interserve plc, was spun off from the plc’s follower business Interserve Group in June 2022, though is still owned by the verysame investors.
Revenue at its buildingandconstruction arm diminished to £392m from £446.9m in 2021.
Tilbury Douglas Holdings Limited – which consistsof the business’s mechanical, electrical and pipes company Tilbury Douglas Engineering – published a pre-tax loss of £94m, compared with an £11.2m earnings the year inthepast.
The bulk of the loss stemmed from a third-party buyout of its tradition pension plan, which expense it £86.4m. The specialist stressedout that this was “purely an accounting” rather than money or trading loss. Over the long term, the buyout eliminates its responsibilities from the plan.
Another £14.7m of restructuring c