US engineering giant Bechtel has reported a £2.3m ($2.9m) pre-tax loss for its UK arm in its latest results for the year to 31 December 2016.
That’s down significantly from profit before tax of £56.4m in 2015, a figure boosted by £40.9m of income from shares in subsidiaries.
Turnover was down slightly, at £247.2m, from £248.9m in 2015.
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.
Major UK projects Bechtel is working on include London’s ambitious Crossrail (pictured) and the Wylfa Newydd nuclear plant on the Isle of Anglesey, Wales.
Image: Bechtel is working on London’s Crossrail, seen here visited by Her Majesty the Queen in February 2016 (Crossrail)