As the U.K. formally moved into recession, with negative GDP growth for two consecutive quarters, the country’s largest contractor on Aug. 12 reported a six-month pre-tax loss of $34 million, down from a $82 million profit figure for the same period last year, largely due to COVID-19 pandemic impact.
Across the country, construction output fell 35% in this year’s second quarter, while the overall economic output dropped 20.4%, according to the Office of National Statistics.