{"id":80828,"date":"2020-08-12T10:11:03","date_gmt":"2020-08-12T09:11:03","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=80828"},"modified":"2020-08-12T10:11:03","modified_gmt":"2020-08-12T09:11:03","slug":"balfour-beatty-2020","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/hr-skills-news\/balfour-beatty-2020\/80828\/","title":{"rendered":"Balfour Beatty reveals \u00a326m loss in first half of 2020"},"content":{"rendered":"

Balfour Beatty<\/a> has said its profits will recover next year after the financial impacts of Covid-19 resulted in the group posting a pre-tax loss of \u00a326m for the first half of 2020<\/h2>\n

Balfour Beatty revealed the financial impacts of Covid-19<\/a> are unavoidable.<\/p>\n

In its half year results, the contractor posted underlying loss from operations (PFO) at \u00a314m compared to a \u00a317m profit the previous year.<\/p>\n

Half year net cash was at \u00a3563m and the group\u2019s order book increased over 20% to \u00a317.5bn.<\/p>\n

Leo Quinn, Balfour Beatty group chief executive, said: \u201cSince the Covid-19 crisis broke, our mission has been to safely manage through it while protecting the group\u2019s strengths.\u00a0 That meant balancing the needs of all our stakeholders.<\/p>\n

\u201cWe have kept sites open wherever safe to do so, prioritised supply chain payments<\/a> and supported staff.<\/p>\n

\u201cOur people\u2019s response has been outstanding, working tirelessly whatever the challenge, to enable Balfour Beatty to provide the daily infrastructure relied on by the public.<\/p>\n

\u201cWe 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.<\/p>\n

\u201cThe financial impacts of Covid-19 are unavoidable; but they will pass. Since the start of Build to Last<\/a>, our balance sheet, order book and expert capability are at record levels.<\/p>\n

“We look forward with confidence to returning to profitable managed growth, and to delivering ongoing value for all our stakeholders.\u201d<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Balfour Beatty has said its profits will recover next year after the financial impacts of Covid-19 resulted in the group posting a pre-tax loss of \u00a326m for the first half of 2020.<\/p>\n","protected":false},"author":16,"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":[285],"tags":[619,676,54592,908,283],"stakeholder_rel_tag":[172945],"contributor_rel_tag":[],"class_list":{"0":"post-80828","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-hr-skills-news","7":"tag-balfour-beatty","8":"tag-construction","9":"tag-coronavirus","10":"tag-economy","11":"tag-finance","12":"stakeholder_rel_tag-balfour-beatty"},"acf":[],"yoast_head":"\nBalfour Beatty reveals \u00a326m loss in first 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