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The company reported a loss of 123m in the preceding 12-month period in the midst of a downturn in the UK construction sector. Trending: Havas says move to withdraw ad spending from Google and Youtube limited to its UK business Balfour Beatty said its UK construction business returned to underlying profitability in the second half of 2016. The London-based firm said its decision to streamline its business had paid off and reported an order book of 12.7bn, up 4% at constant exchange rates from last year. Don't miss: Hedge funds close at record number in 2016 since peak of financial crisis Underlying revenues increased 3% to 8.5bn. Balfour Beatty chief executive Leo Quinn said: "The transformation of Balfour Beatty is well underway. We have returned the group to profit and significantly exceeded our Build to Last Phase One targets. Most popular: A third of European firms to cut back investment spending amid Brexit uncertainties, UBS survey says "We have upgraded leadership, processes and controls while continuing to invest in the Group's unique strengths. As a result, we have improved not just the quality of our order book but our customer satisfaction scores. "All this positions us for future profitable growth. During the next two-year phase of Build to Last, we expect to achieve industry standard Construction loan Melbourne Oak Laurel Yarraville, 4 Beverley St, Yarraville VIC 3013, 0430 129 662, margins and over the medium term, industry-leading performance." The firm announced a full-year dividend of 2.7p per share after restoring dividend payments in the first half of 2016. You may be interested in:

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