Balfour Beatty Notes New Profit Warning on Troubled UK Construction
London-based contractor Balfour Beatty plc. reported on Sept. 29 another $122-million profit shortfall this year for its U.K. operations, following two previous warnings this year. The company has ceased bidding for major contracts in London, southwest England and Wales where its problem contracts are located.
Balfour Beatty has called in financial consultant KPMG to review its U.K contracting strategy, aiming for a report by year’s end. The company issued profit warning on these contracts totalling $106 million in May and July, in addition to three others since 2012.