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Balfour Beatty losses fall to £199M

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Balfour Beatty has posted pre-tax losses of £199M for 2015, slashing more than £100M off the 2014 figure and suggesting its turnaround programme is taking hold.

Although revenue was down from £8.8bn in 2014 to £8.4bn in 2015, the pre-tax loss dropped from £304M. This included a significant drop in loss from operations from £281M in 2014 to £182M in 2015.

Group chief executive Leo Quinn said: “In its first year, Build to Last has achieved significant progress in transforming Balfour Beatty.

“We have upgraded the leadership team and set out a clear direction. We are implementing consistent processes to integrate our businesses into a Group with greater transparency and control. Our main markets are providing a positive backdrop, so that with stronger governance we can both win and deliver business on the right terms. Looking to the future, we are investing to maintain Balfour Beatty’s expertise and assets.

“By the end of 2016 we will achieve our phase one targets: our costs are coming down, our cash flow has improved substantially and we expect to reinstate our dividend later this year. Over the following 24 months, I am confident we can reach industry-standard margins. But above all, Build to Last is putting in place the foundations to build a Balfour Beatty with market leading strengths and performance over the longer term.”

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