High-Point Rendel posts £3.8m loss

High-Point Rendel, the multi-disciplinary group set to lose a director to join the Olympics construction programme, posted an operating loss of £3.8m for the year to 31 July 2005. Results published at Companies House reveal the firm retained a loss of £2.3m for the period, on turnover of £13.3m.

The losses for the firm, which specialises in project management, dispute resolution and engineering, compared to a retained loss of £4.3m in 2004 on turnover of £14m.

The results came as a report in today's Building magazine claims that High Point director Howard Shiplee is leaving the firm to become construction director at the Olympics Delivery Authority. QS News revelaed last year that Shiplee was joing High Point after a stint as project director of the £200m Ascot redevelopment.

High Point Rendel, which was previously listed on the Stock Exchange, completed a management buyout in September 2003. The deal was led by chief executive Kelvin Hingley and chairman Sir Alan Cockshaw, who said the MBO created financial stability for the firm.

The majority shareholder at the firm is now Saudi Arabia-based Al Rushaid Investment Group, which also owns a stake in UK steel contractor Cleveland Bridge.