Costain has spun to a £92m loss after falling out with the Welsh government and the National Grid.
The construction group had warned previously that losses over a contractual dispute on the A465 Heads of the Valleys road in south Wales, now four years late and £100m over budget, and a gas facility in Cambridgeshire would wipe out more than two years of average profits.
The £93m raised from shareholders in the spring has effectively been handed to the Welsh government and the National Grid in compensation payments.
