Fife based interior solutions company Havelock Europa PLC have been informed that its largest financial services contract will be coming to and end in January 2016.
Havelock contract revenues from the programmes for 2015 will be 14 million-pounds and this will remain unaffected by the recent announcement. Havelock Europa PLC have said there will be little financial impact on 2015 results but the impact on 2016 will be material before mitigating actions are undertaken.
Chief Executive David Ritchie initiated a review of the Havelock Europa business which identified the need for immediate change in September of this year.
David Ritchie, Chief Executive, Havelock Europa PLC Said:
" Today's news is disappointing, clearly, but underlines the importance of our strategy to further diversify customer base to become less reliant on a small number of contracts"
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