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Balfour Beatty’s joint venture, Gammon, has won a £378m contract to build a development at a Hong Kong government-owned tech business park. Gammon, which
Balfour hikes profit as UK construction business returns to black building.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from building.co.uk Daily Mail and Mail on Sunday newspapers.
Balfour Beatty turns profit and makes furlough-cash U-turn
Balfour Beatty has bounced back from a half-year loss to report a pre-tax profit of £48m for 2020, and has said it will now repay the furlough cash it claimed during the year.
The firm s profit was a significant swing from the £26m loss it suffered in the first half of the year, which was largely attributed to problems in the UK construction business caused by the pandemic. Its UK business reported an £8m profit for the last six months of 2020.
The group’s profit for 2020 was down steeply from the £138m pre-tax total reported in 2019. Chief executive Leo Quinn said the impact of the pandemic on operations, contract reviews and a decision not to sell any infrastructure investments caused the drop.