Construction Management is the highest circulation construction-based publication serving the UK built environment.
News
Balfour Beatty slips into £14m loss
Balfour Beatty chief executive Leo Quinn
Balfour Beatty made an underlying half-year loss of £14m as a result of the financial impacts of covid-19, but chief executive Leo Quinn asserted that the effects of the crisis will pass.
The contractor reported underlying revenue of £4.1bn for the
half year 2020, compared to just under £3.9bn in the same period the year
before.
But it slipped into a £14m underlying loss, from a £72m
profit a year ago.
This is not a paywall. Registration allows us to enhance your experience across Construction Management and ensure we deliver you quality editorial content.
Registering also means you can manage your own CPDs, comments, newsletter sign-ups and privacy settings.
Nonetheless, the group’s order book increased more than 20% to £17.5bn, driven by notice to proceed on HS2, and it reported half-year net cash of £563m, up from £512m in the 2019 financial year.
Quinn 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 [Balfour Beatty’s transformation
programme], 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.”
The CM March 2026 issue of Construction Management magazine is now available to read in digital format.
Powered Access
CM, in partnership with IPAF, has launched a new survey to explore the industry’s views and experiences with powered access machines on construction projects.
This is not a first step towards a paywall. We need readers to register with us to help sustain creation of quality editorial content on Construction Management. Registering also means you can manage your own CPDs, comments, newsletter sign-ups and privacy settings. Thank you.
