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Thu July 19 2018

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UK losses for Bechtel

19 Jun 17 Bechtel saw its UK business dive to a rare loss in 2016 as it booked provisions for several problem contracts.

In 2016 Bechtel Ltd made a pre-tax loss of £2.4m (2015: £56.4m profit) on turnover of £247m (2015: £249m).

The 2015 figure was boosted by £41m income from shares in subsidiaries that was absent this time.

At an operating level, Bechtel Ltd made an operating loss of £2.3m in 2016, compared to a profit of £16.6m in 2015.

“This is mainly for the the company providing for expected losses on a number of ongoing projects and receiving less overhead recoveries from other Bechtel entities in 2016,” the board explained.

The company said that 2016 represented a one-off bad year for its UK business. It had been profitable for the past five years except for 2016 and “is expected to be profitable in the foreseeable future”.

The balance sheet shows no debt and cash deposits of £33.8m.

 

 

MPU

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