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Balfour Beatty has revealed a pre-tax loss of £26 million for the first six months this year.
However, in its 2020 half year results, Chief Executive Leo Quinn expects a more normalised operating profit in 2021.
The loss compares to £63 million profit in its half year results in 2019.
One positive is the Group’s order book at half year which was £17.5 billion, over 20% higher than the year end position.
The increase is due to the addition of over £3 billion of contracts following HS2 Notice to Proceed being issued by the Government in April.
Balfour Beatty, in joint venture with VINCI, will deliver the main civils works south of Birmingham and the London hub station at Old Oak Common.
Leo Quinn, Balfour Beatty Group Chief Executive, said: “Since the COVID-19 crisis broke, our mission has been to safely manage through it while protecting the Group’s strengths. That meant balancing the needs of all our stakeholders. We have kept sites open wherever safe to do so, prioritised supply chain payments and supported staff. Our people’s response has been outstanding, working tirelessly whatever the challenge, to enable Balfour Beatty to provide the daily infrastructure relied on by the public.
“We have preserved the disciplines, expert capability and financial strength we will need as markets move back to normal and then beyond, driven by fiscal stimulus for infrastructure. In achieving this, our systems, processes and leadership have all proved the value of our investments over the last five years.
“The financial impacts of COVID-19 are unavoidable; but they will pass. Since the start of Build to Last, our balance sheet, order book and expert capability are at record levels. We look forward with confidence to returning to profitable managed growth, and to delivering ongoing value for all our stakeholders.”
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This article first appeared on www.railbusinessdaily.com
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