Blacklister Balfour Beatty Makes £41 million Loss

BALFOUR Beatty’s British regional construction unit made an operational loss of £41 million pounds in the first half of 2013, after £59 million profit a year earlier.
Results for the half year, to June 28 2013, show the construction division slumped after the company issued a profit warning in April after unearthing problem contracts at its UK regional construction business.
The UK construction woes were a main contributor to the group’s pre-tax profits falling 70%.
On their website, one of the highlights of the report said the company would now take ‘firm action to address UK construction underperformance’.
Chief executive officer Andrew McNaughton said: “Our markets continue to be challenging, but our actions are delivering the intended results.
 'With sustained focus on operational delivery, we expect to achieve a performance in our continuing operations that is in line with the current market expectations for 2013.  In the longer term, our goal is to capitalise on the growth in global infrastructure from an international footprint of local businesses.
The benefits from this focus combined with the impending recovery in some of our mature markets position us well for the future.'

The company announced the sale of Workplace for £190 million last week.
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