Balfour Beatty reveals ‘unavoidable’ financial impacts of Covid-19

Leo Quinn
Leo Quinn

BALFOUR Beatty has announced a pre-tax loss of £24 million in its 2020 half-year financial results as a result of the Covid-19 pandemic.

The contracting giant reported underlying revenue of £4,115 million, up from £3,881 million over the same period last year.

Group chief executive Leo Quinn said the firm’s ‘mission’ since the pandemic broke has been to ‘safely manage through it while protecting the group’s strengths’.

He added, “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, 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.”