The Reading-based Mabey (www.mabeygroup.co.uk) group of engineering companies reports that its profits have declined because of the costs associated with the closure of two unprofitable divisions.

Mabey Bridge — the group’s bridge design and manufacturing division — closed its steel fabrication and renewables subsidiaries in the year ended 30 September.

The decision was taken at the end of 2014 to dispose of these businesses, but talks with potential buyers broke down, and the group chose to wind down the operations after fulfilling customer obligations.

A spokesman for the Mabey group said: “The costs of re-organising our businesses have been managed within our strategic plan. We are confident that the actions we are taking will create a stronger and sustainable future for the company. As part of a three-year plan, the company plans to invest in the plant hire and modular bridging businesses, with the aim of generating growth in its markets.”

The Mabey Group comprises Mabey Bridge, Mabey Hire, Mabey Hire PTY, Mabey Property and Mabey Inc.