Contractor Mowlem’s interim results, announced last week, were overshadowed by a £12m charge for delays on projects in Australia.

Mowlem reported a £5.7m profit before tax and goodwill amortisation, down 66% on the £16.6m achieved for the same period last year.

Mowlem warned the market in June it would report a £12m loss because of problems at Barclay Mowlem, its Australian business.

However, Mowlem’s share price rose 6% to 187.25p after the results were announced last Thursday.

Sir John Gains, chief executive, said there was good reason to be confident about the future thanks to PFI opportunities.

Mowlem reached financial close on the £315m Exeter schools PFI and the £285m Lewisham hospital PFI in the six-month period.

Turnover was £957m, compared with £959m in the same period last year.