Balfour Beatty Reveal £59m Loss
Posted on: 26/03/2015

UK Construction firm Balfour Beatty has had a turbulent year, and in the most recent development they have reported a loss of £59m for 2014 and announced that shareholders will not receive an annual dividend.

This follows a year where the company have been forced to issue four profit warnings and contrasts strongly to the £185m pre-tax profit achieved last year.

This substantial loss comes despite the fact that Balfour sold their US construction business Parsons Brinckerhoff, from which they made a profit of £234m.

Chief executive of Balfour Beatty Leo Quinn said the firm would dedicate the next two years working through its “severe legacy of problem construction projects.” He offered that the company had a sharp decline in the last twelve months but negotiated in overcoming long terms problems such as cultural change that “we must face short-term challenges”.

Despite the challenges it has faced, Roger Johnston, analyst at Edison Investment Research said: “While the turnaround in performance will not be easy to achieve, we believe that Quinn’s track record and no-nonsense approach will drag the business with him.”

For articles relating to the building services sector please follow us on twitter @BlueprintSkill

If you are looking for your next opportunity in the industry please click here for a full list of both permanent and contract roles.

Vacancies By Email

Get There First With Vacancies By Email

Get specific job types, tailored to your requirements, sent straight to your inbox as soon as they are available. Register Now »

Latest Building Services Jobs

Senior M&E Project Manager Permanent | London, London, England | Negotiable

Excellent opportunity for a Senior M&E Project Manager to join a large engineering business on a permanent basis in London.
Read More »

Senior Electrical Engineer Permanent | Bristol, Bristol, England | Negotiable

We are currently seeking a Senior Electrical Engineer to join an international multi-disciplinary consultancy on a permanent basis in Bristol.
Read More »

Senior Mechanical Engineer Permanent | Bristol, Bristol, England | Negotiable

New opportunity for a Senior Mechanical Engineer to join a leading multi-disciplinary consultancy on a permanent basis in Bristol.
Read More »

Fire Design Engineer Contract | London, London, England | £42.00 Per Hour

A fantastic opportunity for a Fire Design Engineer to join a global multi-disciplinary engineering consultancy for an initial 3 month contract in Central London.
Read More »

Revit MEP Technician Contract | Manchester, Greater Manchester, England | Negotiable

We are currently seeking a Revit MEP Technician to join a leading multidisciplinary engineering consultancy for an initial 6 month contract in Manchester.
Read More »