精东影视

Balfour Beatty said an 拢83m hit to cover the cost of building safety provisions helped send pre-tax profit at the group into reverse last year.

Turnover was 4% to top the 拢10bn mark but pre-tax profit down 12% to 拢214m. Underlying profit was up 9% to 拢248m.

The firm is having to fork out 拢83m to cover its obligations under the 精东影视 Safety Act (BSA).

It said: 鈥淪ince the introduction of the BSA, the Group has conducted investigations and due diligence on claims received to establish whether an obligation exists and if costs can be reliably estimated.

鈥淭he Group has recognised a provision where a probable obligation has been established and cost associated with the claim can be reliably estimated.鈥� It added: 鈥淭he provision does not include potential recoveries from third parties.鈥�

The country鈥檚 biggest contractor also said it was facing a 拢52m charge for a US road scheme it completed in 2012.

The North Texas Tollway Authority (NTTA) served it and joint venture partner Fluor with a claim in 2022 alleging breaches of contract and negligence. Damages of $112m (拢87m) were awarded in favour of the NTTA last November.

The firm said: 鈥淭he Group believes that the jury verdict does not accurately reflect the evidence at trial and is evaluating all options to set aside or reduce the verdict and, if necessary, appeal any final judgement.鈥�

It said it would recover 拢40m through insurance and added that it was trying to recover money from its design subcontractors. It said the 拢52m figure 鈥渞epresents the Group鈥檚 best estimate of the probable damages to be awarded鈥�.

But the firm added that it had booked a credit of 拢64m which included a 拢43m insurance recovery on a scheme in London, completed between 2013 and 2016, where work to replace stone panels on the fa莽ade of the development is set to wrap up by the summer.

Although not named, Balfour Beatty has been carrying out repairs on a high-rise resi job called Providence Tower in east London.

The firm鈥檚 biggest business remains its US operation with revenue flat at 拢3.6bn but profit was down 22% to 拢40m. UK construction, whose jobs include HS2 and Hinkley Point C, also saw revenue flat at 拢3bn but profit was up 17% to 拢81m.

The firm鈥檚 order book was up 12% to 拢18.4bn.