Balfour Beatty hit by £23m loss at UK construction business

By Jordan Marshall2021-08-18T10:20:00

US and Asian construction operations turned a profit

Balfour Beatty’s UK construction business has suffered a £23m loss in the first half of the year.

The UK’s biggest contractor said it was hit by problems on a number of fixed-price residential projects in central London – and as a result would pull out of the sector. One problem with cladding on a high-rise project could cost £50m to put right.

It said disruption caused by the pandemic had caused delays, which had forced the firm to write down its expected profit on them, leading to a £23m underlying operating loss for the division.

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