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UK redundancies drag down Aecom's profit

Quarterly results released by US-based Aecom Technology Corporation show that while revenue increased slightly during the period Oct-Dec 2009, “operating income” fell by 5%. Aecom's statement refers to $8.2 million in “one-time charges” related to “a severance charge in the United Kingdom” as well as non-recurring costs associated with the group's recent “global brand launch”.

10-Feb-10  Headline figures for Oct-Dec 2009 (Q1 of fiscal 2010) record a slight, 2% increase in revenue to $1.5 billion, while operating income was 5% down on the same period last year, at $65 million, due in part to the cost of redundancies and rebranding. Late last year, more than 300 staff within Aecom's UK and Europe professional technical services division, which includes the business formerly known as Faber Maunsell, were made redundant, as Aecom...