Firm blames reverses at ongoing schemes for fall
The UK arm of engineering giant Bechtel has reported a £2.3m pre-tax loss in its latest results, for the year to 31 December 2016.
In 2015, the firm made a profit before tax of £56.4m, though this was boosted by £40.9m of income from shares in subsidiaries.
Turnover last year was down marginally at £247.2m (2015: £248.9m).
Bechtel said the loss was “mainly due to the company providing for expected losses on a number of ongoing projects and receiving less overhead recoveries from other Bechtel entities in 2016”.
The company said it “expected to be profitable in the foreseeable future” due to ongoing projects, a balance sheet with zero debt, and a cash deposit of £33.8m held with a subsidiary of its parent.
Bechtel’s UK-based business operates globally, providing design, engineering, construction and project management services.
High-profile projects Bechtel is currently working on include Crossrail (pictured) and the Wylfa Newydd nuclear plant on the Isle of Anglesey.
It was also recently the £170m contract, phase 2B contract on HS2 after original preferred bidder CH2M pulled out of the race in March. The deal hit the headlines after another bidder, Mace, queried the decision to award the scheme to CH2M and threatened legal action over the award.
Bechtel’s revenue split
Middle East: £88.2m