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.”
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