Baqus pushed into the red by construction slowdown

BAQUS, the quantity surveying and project management business, has fallen to a full-year loss of £1.1m.

The group, which has offices in Manchester and Liverpool, blamed challenging conditions in the construction industry.

Sales slipped 7.5% to 7.2m in the year to June 30 while pre-exceptional losses came in at £823,000. Last year the company made a pre-tax profit of £740,000.

But the business said it was optimistic for the long term after winning new business, stripping out £850,000 of costs and improving cash generation.

AIM-listed Baqus was formed by Manchester businessman Roger Knowles in 2007 from the merger of three quantity surveying business: Boxall Sayer, Denley King and Liverpool-based Fletcher McNeill. It said it had now successfully integrated the Nigel Rose business but had shut an office in Warrington during the period.

Chief executive Clive Sayer said: “Baqus has realigned its strategy over the last year to adjust to the difficult economic climate. We have focused on reducing costs, building cash reserves and strengthening relationships with existing and potential clients in both the public and private sectors. 

“We remain optimistic about the long term prospects for the group and believe we have a strong team and strategy in place to benefit from any upturn in the wider construction industry.”