Japanese contractor Kajima posted a pre-tax loss of £5.4m in the year ended 31 December 2007, taking its losses to £124m in three years.

Last year the figure was £33.6m and the year before it was £85m.

The company said it was continuing to wind down its construction and civil engineering operation in the UK after racking up huge losses on problem PFI contracts.

These included a housing scheme in Leeds and a £57m project to build the headquarters for the Health and Safety Executive in Merseyside.

Turnover at the group dropped 77% from £51.9m to £11.8m.

The company said: “Apart from works required to meet the remaining obligations under existing contracts, the company’s activities have now ceased.”