Laing revealed this week that its pre-tax profit will be £2m lower than the £47m predicted, as a result of changes in the way the group accounts for PFI bid costs.
Laing will now write off bid costs as they are incurred rather than after financial close because it takes so long for contracts to be finalised. The decision follows similar changes by other contractors as the City's concerns grow over how bid costs are handled.

Laing said its handling of bid costs was already conservative so the effect on profit would be minimal.

This is in contrast to Amey, which shocked the Square Mile in March by posting an £18m loss after changing its accounting policy – it had been expected to post a £50m profit.

Laing said in the trading statement released this week that it reached the shortlist on seven PFI projects and was bidding for another 21 throughout the country.

Laing is now focusing on its PFI business and is in the process of selling its housing division.