Giant US engineer Aecom has reported a loss of $155m on the year to September on revenue of $18bn, compared to a profit of $230m in the previous year.
Turnover at the firm rose 115% on the previous year, reflecting the impact of its merger with rival engineer URS in October last year.
The bulk of the losses were accounted for by $398m in expenses related to the URS deal. The firm expects to pay an additional $200m in acquisition and integration costs in fiscal year 2016.
Michael Burke, Aecom’s chairman and chief executive officer, said in the company’s press release: "Fiscal 2015 was a remarkable year for Aecom. We completed the largest combination in our industry’s history. Despite the attention to integration and uneven global economic trends, our results and outlook reflect the benefits of our diversification."
Stephen Kadenacy, the firm’s president, said: "We are reiterating our annual free cash flow target of $600mn to $800m and increasing our synergy target to $325m. This is a sign of our increasing confidence in the combined business."