Bouygues UK has posted a loss of £19.4m in its latest financial results.
The company posted turnover of £349.6m for the year to 30 September 2015, up from £331.2m in its previous results, but slumped to a pre-tax loss of £19.4m, compared with a £11.5m pre-tax profit a year earlier.
The firm said “ongoing challenging market conditions” were behind the losses, but added that it had “secured significant levels of new orders” during the year.
The largest scheme won by the company during its last financial year was the £1bn deal to build phase three of Battersea Power Station, in one of the largest private building contracts ever to be awarded.
Bouygues has also made the shortlist for seven civil engineering works packages for HS2, worth £11.8bn, alongside joint venture partners Volker and Sir Robert McAlpine.
However, the firm was replaced by Skanska earlier this year on Great Ormond Street’s £65m Zayed Centre for Research project.
Bouygues was appointed last year as preferred bidder but walked away in February after failing to agree terms with the client.
The company added that bidding for public projects with “lengthy” selection processes could often lead to additional costs, but added that it was active in “different sectors of the market” and using different procurement processes.
“Involvement in public projects presents specific risks including the often lengthy selection process which raises the level of costs that may not be recovered [if] a bid is ultimately unsuccessful,” the firm said.
Major public projects won by Bouygues include the £175m Garden Bridge, which will be delivered in joint venture with Cimolai.
Earlier this year, CEO Madani Sow stepped down from his role after eight years with the company.
Bouygues UK appointed Fabienne Viala (pictured), chief executive of its Energies & Services business, as its new chairman to replace Mr Sow.
Overall, the company added nearly 200 staff during its last financial year, and now employs 874 staff, up from 681 a year earlier.