Building firm Balfour Beatty has announced total losses of £150m for the first half of this year due to the consequences of “historic issues”.

The firm expects to have 90% of its historic UK problem contracts at practical or financial completion by the end of 2016.

The losses follow a £43m loss in the first half of 2014.

Leo Quinn, Group Chief Executive of Balfour Beatty, said: “Inevitably the headline numbers set out the consequences of the historic issues that are now being tackled.”

“In the last few months the awards of contracts or preferred bidder status for three landmark projects, Bergstrom Expressway in Austin Texas, nuclear new build Hinkley Point C power station electrical package and a UK smart motorway package, is a further endorsement of Balfour Beatty’s leading capabilities.”

Leo added that Balfour Beatty now has a new senior leadership team and is on course to meet its 2-year targets of £200m cash in and £100m cost out.

He also highlighted the firm’s Build to Last programme as a reason to be optimistic.

The scheme delivered £260m net cash as of 26th June this year compared to £219m in 2014.