Balfour Beatty profits hammered as UK construction disappoints
Infrastructure company Balfour Beatty has suffered a collapse in reported pre-tax profit of 78 per cent to £32m, according to the company's results for the full year ended 31 December.
The company cited tough economic conditions and operational issues in the UK as reasons for the poor financial performance. However, Balfour Beatty said it was seeing improving conditions in some parts of its UK and US core markets.
Andrew McNaughton, chief executive officer, commented:
In 2013 we faced challenging economic conditions in several markets and experienced operational issues in the UK construction business.
The remedial actions taken in underperforming areas are delivering results and have positioned us better for the future. Continuing to improve operational delivery and supply chain management will remain a particular area of focus throughout 2014.
The company was also negatively impacted by a sharp downturn in the mining and resources sector in Australia.