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Balfour Beatty chief executive Leo Quinn has said the troubled firm鈥檚 financial performance has 鈥渟tabilised鈥� but losses could still grow, .

Quinn - who took the helm at Balfour in January - told 黑洞社区 the firm was 鈥渁n awful long way through鈥� historic problem contract issues that have dogged the firm for three years, resulting in seven profit warnings over this period.

But Quinn said he could not rule out the possibility of more profit warnings this year, nor could he guarantee Balfour wouldn鈥檛 post a larger full-year loss for 2015 than last year鈥檚 拢304m pre-tax loss, saying: 鈥淲e are comfortable with our position, but you can never say never.鈥�

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.

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

He said the firm had now introduced an 鈥渆ight stage gate bid approval system鈥� on tenders to help manage risks and ensure 鈥渘ew business is of the right quality鈥�.

Aside from the loss, Quinn said the firm had enjoyed an 鈥渋ncredible turnaround鈥� in his first six months in charge and progressed towards its 鈥楤uild to Last鈥� programme goals of generating 拢200m of extra cash and cutting 拢100m of cost by the end of 2017 - with 拢25m of cost-cutting already implemented.

Quinn said he was 鈥減roud鈥� to be chief executive of Balfour Beatty and 鈥渃onfident鈥� the firm had the support of clients, citing a stable order book at 拢11.3bn, down fractionally from 拢11.4bn, and major recent contract wins including the 拢460m M&E package on Hinkley Point C power station won in joint venture with NG Bailey, .

Quinn also pointed to the firm鈥檚 strong balance sheet - backed by an investments business its directors value at 拢1.25bn - and an improved net cash position of 拢260m, as attractions for clients.

He added: 鈥淸Clients see] these are largely historical problems. They want to work with a business that will be there in ten years time鈥�.

, Quinn said the firm was committed to retaining and recruiting talented staff, adding that Balfour would attract those 鈥渢hat want to do great things鈥� in construction.

Commenting on the UK market, he said there was 鈥渁 lot of business out there鈥�, adding: 鈥淲e鈥檙e working with a tail wind, not a head wind. We have a strong pipeline of opportunities鈥�.

Commenting on that the Australian chairman of Balfour Beatty Philip Aiken may leave the UK because of the added cost of changes to the non-dom tax system, Quinn said it was 鈥渁 personal matter for the chairman鈥�, but added: 鈥淚鈥檓 confident he鈥檚 having so much fun [at Balfour] he鈥檒l be around for a long time.鈥�