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SMG hit by £27million losses


Kowalski
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So it's not just Willie then!

 

Stewart Milne Group hit by £27 million losses

Aberdeen FC chief confident of getting back in profit

 

By Andrew Whitaker political reporter

 

Published: 11/02/2010

 

THE building firm run by Aberdeen Football Club chairman Stewart Milne made losses of £27 million, it was revealed.

 

Today Mr Milne told the Evening Express his building firm’s first loss in its 38-year history was a “one-off†– and insisted it would soon be back in profit.

 

He said: “We had a one-off loss during the last financial year.

 

“This was due mainly to the write down in land and 400 redundancies, which we see as being behind us now. The target for the next year is to get back into the black.â€

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Considering the construction industry has been hit the hardest out of all industries in the global recession, a loss of £27m is a decent result for SMG. They'll come roaring back in the next three years, and the fact that SMG has survived the recession whilst a lot of other construction firms have folded means things will only get better for SMG.

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