{"id":15604,"date":"2015-03-25T10:49:02","date_gmt":"2015-03-25T10:49:02","guid":{"rendered":"http:\/\/www.adjacentgovernment.co.uk\/?p=15604"},"modified":"2016-10-25T09:20:14","modified_gmt":"2016-10-25T09:20:14","slug":"59m-losses-reported-balfour-beatty","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/59m-losses-reported-balfour-beatty\/15604\/","title":{"rendered":"\u00a359m losses reported by Balfour Beatty"},"content":{"rendered":"<h2>Construction company Balfour Beatty has reported \u00a359m losses in 2014 and said as a result it will not pay out annual dividends to shareholders<\/h2>\n<p>The struggling construction firm <a href=\"http:\/\/www.balfourbeatty.com\/\" target=\"_blank\">Balfour Beatty<\/a> saw significant profit losses last year, it has emerged.<\/p>\n<p>Balfour reported a catalogue of issues over the last 18 months, leading to the sale of a numerous assets including its consultancy agency <a title=\"Balfour sells Parsons Brinckerhoff for \u00a3820m\" href=\"http:\/\/www.adjacentgovernment.co.uk\/housing-building-construction-planning-news\/balfour-sells-parsons-brinckerhoff-820m\/\" target=\"_blank\">Parsons Brinckerhoff<\/a> and <a title=\"Balfour Beatty will close Blackpool Airport\" href=\"http:\/\/www.adjacentgovernment.co.uk\/housing-building-construction-planning-news\/buyer-found-blackpool-airport\/\" target=\"_blank\">Blackpool Airport<\/a>.<\/p>\n<p>Now, the company has reported \u00a359m losses and said it will not pay the annual dividends after falling into the red.<\/p>\n<p>Last year, Chief Executive Andrew McNaughton resigned and was replaced by <a title=\"New chief exec of Balfour Beatty named\" href=\"http:\/\/www.adjacentgovernment.co.uk\/housing-building-construction-planning-news\/new-chief-exec-balfour-beatty-named\/\" target=\"_blank\">Leo Quinn<\/a>. This latest news highlights the plight facing the new head as he tries to pull the struggling company out of the financial mire.<\/p>\n<p>According to the figure, Balfour saw annual pre-tax losses of \u00a3304m, which decreased to \u00a359m once profits from discontinued operations were included. Additionally, the order book for future projects fell seven per cent to \u00a311.4bn.<\/p>\n<p>Balfour also saw revenues from UK construction fall six per cent to \u00a32.35bn as the company tried to work through problems that had been highlighted in an operational review undertaken by finance specialists <a href=\"http:\/\/www.kpmg.com\/uk\/en\/pages\/default.aspx\" target=\"_blank\">KPMG<\/a>. This led to a further \u00a3117m provision to cover risks in some of its contracts.<\/p>\n<p>The struggling company has reported six <a title=\"Balfour Beatty issues profit warning\" href=\"http:\/\/www.adjacentgovernment.co.uk\/housing-building-construction-planning-news\/balfour-beatty-issues-profit-warning\/\" target=\"_blank\">profit warnings<\/a> over the last two years. Balfour said while it will not recommend a dividend this year it expects to resume payments in 2016 if performance improves. The company has already cancelled its \u00a3200m share buyback and delayed pension fund payments in an attempt to get back on track.<\/p>\n<p>Quinn said: \u201cOur transformation programme, Build to Last, is gaining rapid traction and we are driving initial improvements of \u00a3200 million cash in, \u00a3100 million cost out over 24 months.\u201d<\/p>\n<div class=\"mk-custom-module-container\">\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Construction company Balfour Beatty has reported \u00a359m losses in 2014 and said as a result it will not pay out annual dividends to shareholders The struggling construction firm Balfour Beatty saw significant profit losses last year, it has emerged. Balfour reported a catalogue of issues over the last 18 months, leading to the sale of [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[619],"stakeholder_rel_tag":[172945],"contributor_rel_tag":[],"class_list":{"0":"post-15604","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-balfour-beatty","8":"stakeholder_rel_tag-balfour-beatty"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>\u00a359m losses reported by Balfour Beatty | Planning, Building &amp; 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