Ferrovial Construction UK plunges to £30m loss

Ferrovial Construction UK suffered a £30m loss last year after big provisions for forecast losses on the £2bn Silvertown Tunnel project in East London.
The firm revealed total provisions of £54m on the project for the year ending 31 December 2022. This figure is made up of £19.6m for defects and warranties and £31.3m of forecasted losses.
Ferrovial said the expected losses were driven by inflation in materials and labour markets against the constraint of a fixed pri