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| Balfour Beatty returns to profit | Balfour Beatty returns to profit |
| (35 minutes later) | |
| UK engineering giant Balfour Beatty has returned to profit after two years of losses. | UK engineering giant Balfour Beatty has returned to profit after two years of losses. |
| The company behind Crossrail and the transformation of the former Olympic Stadium into West Ham's ground made an £8m profit, after a £199m loss in 2015. | The company behind Crossrail and the transformation of the former Olympic Stadium into West Ham's ground made an £8m profit, after a £199m loss in 2015. |
| Balfour said it had allowed its business to become too complex after a series of takeovers. | Balfour said it had allowed its business to become too complex after a series of takeovers. |
| Chief executive Leo Quinn said the company's leadership, processes and controls had been upgraded. | Chief executive Leo Quinn said the company's leadership, processes and controls had been upgraded. |
| "The transformation of Balfour Beatty is well under way," he said. | |
| High profile projects | |
| The company said that, by 2014, it had become overly complex following more than a decade of acquisition-led growth. | |
| It added there had been an overall lack of leadership and strategic direction, and that its businesses had a tendency to compete with each other. However, Balfour says its business has now been simplified. | |
| The company is involved in some of the country's highest profile building projects. | |
| As well as Crossrail, which will link west and east London, it is upgrading motorways and working on the Thames Tideway Tunnel. | As well as Crossrail, which will link west and east London, it is upgrading motorways and working on the Thames Tideway Tunnel. |
| In the next few years it plans to be part of the country's three biggest infrastructure projects: High Speed 2 (HS2), the new nuclear power stations at Hinkley Point C and Wylfa, and the third runway at Heathrow airport. | |
| Balfour said it was upbeat about prospects as the "trading environment in the group's core UK and US markets remains positive". | |
| "In the UK, government policy is helping to drive a strong pipeline of major infrastructure projects in transport and energy. | |
| "In the US, the new administration has made infrastructure one of its key priorities." |