SES takes hit on four Carillion contracts

Aaron Morby 6 days ago
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Specialist M&E contractor SES Engineering Services has returned a profit for the first time since being bought by Wates from the Shepherd Group in September 2015.

Latest published results for 2017 show the contractor moved from £1.5m loss in 2016 into a £1.3m pre-tax profit last year, while revenue rose by just over a third to £214m.

But the latest published accounts also warn that SES may be in for a more difficult 2018 after taking a hit on four contracts following the liquidation of Carillion two weeks after its 2017 year-end.

The four jobs were not identified but a statement from the firm said: “In the opinion of the directors, as at the date of signing the financial statements, there were adequate provisions as at the balance date to address the exposure from this event.”

SES had been working on several jobs with Carillion just prior to its collapse.

These included the London King’s Cross gas holder conversion to flats, the S2 building also at the regeneration scheme  and the Bart Square Development near Smithfield Market in central London.

During the year the average headcount fell by 50 to around 900 staff with most reduction from administration.

Cash slipped over the year from £15.4m to £12.8m.

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