Technical services group Imtech is to cut 1,300 of its 29,000 jobs in a reorganisation aimed at cutting costs.

The jobs will mainly go in the Netherlands and Germany and are needed to keep the organisation competitive, Imtech said. The reorganisation will cost some €80m.

Imtech was hit earlier this year when it had to write off €150m on a fraudulent amusement park project in Poland. But the company has also been hurt by losses in Germany totalling €220m, which is higher than anticipated, the company said in a trading update.

Imtech has also been forced to again delay publication of its annual accounts, this time until June.