Construction group Galliford Try has posted a 57% fall in profits to the year ended 30 June as a result of losses on two of its biggest construction projects.
The group posted a pretax profit of £58.7m, down from £135m the previous year. Revenues increased to £2.7bn, an increase of 7%.
The company said that profits were hit by one-off charges of £98.3m, which includes £87.9m in respect of two infrastructure joint ventures in Scotland: the £790m Queensferry Crossing and the £550m Aberdeen Western Peripheral Route.
Chief executive Peter Truscott said: “We have put into place rigorous processes to ensure a more disciplined approach towards project selection. Today, we are focusing on lower-risk public and regulated sectors and two-stage negotiated work, rather than large infrastructure projects on fixed-price, all-risk contracts, which these legacy projects were.”
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