Bouygues UK has posted a first profit for three years in its accounts for 2017.
The largest UK subsidiary of the French contractor reported a pre-tax profit of £8.7m for the year to 31 December 2017, according to figures filed with Companies House.
This followed pre-tax losses of £78.5m and £19.4m in 2016 and 2015 respectively.
Bouygues UK attributed the improvement in its latest results to greater selectivity of new work and a reorganisation of the business under a new board, with five new directors brought in during 2017.
A further management shake-up took place in August this year when Rob Bradley took over as chief executive and Jean Luc Midena became chief financial officer.
Turnover in 2017 increased by £42m to £597m as the operations of its subsidiary Thomas Vale Construction, which the firm acquired in 2012, were transferred to Bouygues UK.
The company’s balance sheet was also boosted by a £26m equity injection from its parent company Bouygues SA.
Chairman Fabienne Viala (pictured) said this showed the group’s confidence in the UK business and ensured “our strong financial position is maintained”.
This helped the UK business end the year with net assets of £15.4m.
The £26m of equity added in 2017 followed a £79m injection in 2016, when the firm reported net assets of £15.4m.
Bouygues UK’s struggles in recent years were driven in part by legacy contracts, however, these were all completed by early 2017.
In July 2017 Bouygues secured a £965m contract to deliver the Chilterns Tunnel and Colne Valley viaduct section of HS2 as part of the Align JV with Sir Robert McAlpine and VolkerFitzpatrick.