The steel erector Severfield Rowen, which is working on the City's Cheesegrater skyscraper, counted the cost of the "most challenging year in its history" yesterday as it crashed to a £21.5m loss.
Severfield collapsed into the red on a clutch of contracts including British Land's tower, forcing an emergency rights issue and the exit of its former chief executive Tom Haughey, who left with a £325,000 payoff. John Dodds, the executive chairman, is still seeking a permanent replacement after a new chief executive was lured away at the last minute.
But the company, which is also working on Blackfriars Bridge and Heathrow and Gatwick airports, still has a relatively solid UK order book of £197m. Mr Dodds said: "I'm as confident as I can be, but it would be a very silly man who said there were no more troubles out there – this is contracting."