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Balfour Beatty has slumped to a 拢150m half-year pre-tax loss, in chief executive Leo Quinn鈥檚 first set of results as boss of the troubled contracting giant.

The 拢150m pre-tax loss for the first half of 2015 compared to a 拢58m pre-tax loss for the same period last year. Over 2014 as a whole Balfour made a 拢304m pre-tax loss.

Balfour鈥檚 UK construction services business made a 拢145m operating loss in the first half of 2015, compared to a 拢59m loss in the first half of 2014.

The US construction services business joined its UK counterpart in the red, posting a 拢41m operating loss, compared to a 拢12m operating profit last year.

Balfour said the overall loss was in line with market expectations as set by .

The firm made 拢152m of contract writedowns in the first half - 拢100m in UK construction, 拢32m in US construction and 拢20m in Middle East construction.

Balfour sought to reassure investors that it expects 90% of its historic problematic UK contracts to be resolved by the end of 2016.

Quinn said: 鈥淚nevitably the headline numbers set out the consequences of the historic issues that are now being tackled.鈥�

He added that despite the ongoing losses his 鈥渃onviction鈥� was that the firm would achieve 鈥渟uperior returns鈥� in the 鈥渕edium term鈥�.

He said the firm鈥檚 鈥楤uild to Last鈥� transformation programme was 鈥渙n course鈥� to meet its 24-month targets to generate 拢200m of extra cash and cut 拢100m of cost.

The firm鈥檚 overall revenue was down marginally to 拢3.47bn, down from 拢3.56bn last year, while UK construction services revenue also dipped slightly to 拢1.12bn, down from 拢1.14bn.

Balfour鈥檚 overall order book was stable at 拢11.3bn, down marginally from 拢11.4bn. Net cash stood at 拢260m, up from 拢219m.