Balfour has it all to do

Balfour Beatty (BBY) made it a double hat-trick of profit warnings in a little over two years with an update revealing yet another hole in its finances. An independent review by KPMG showed a catalogue of mistakes in the beleaguered infrastructure group's UK construction business. These included insufficient control of contract performance, optimistic assumptions on cost and procurement savings, and tendering at very low margins.