Construction firm Balfour Beatty admitted its annual results were "disappointing" after posting a 32% drop in underlying pre-tax profits to £187 million.

It has been hit as the recovery in the overall UK construction sector has lagged behind a surge in house building, while a downturn in Australian mining has also knocked figures. Group revenues edged 1% higher to £8.7 billion in 2013 and Balfour signalled "modest" progress in 2014.

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