- Construction companies Galliford Try and Balfour Beatty said they were in final negotiations regarding a settlement over the delayed Aberdeen Western Peripheral Route road project in Scotland.

Galliford Try said the agreement would see it incur a £52m write-off, but also a cash payment of around £32m.

Balfour Beatty, meanwhile, said it may also receive a £32m payment related to a settlement, but with 'no material change to the group's balance sheet position'.

Galliford Try said its total write-offs for the year through December were expected to be about £61m when adding an adverse adjudication award on an unrelated historical contract.

'The settlement brings to a conclusion a complex and challenging project, averting a lengthy and costly litigation process,' Galliford Try said.

'The settlement also removes a significant distraction and uncertainty, allowing the construction business to focus on its core business, current and new projects which are expected to deliver improving margins, operating on multiple secured frameworks and in our chosen sectors.'

Any settlement would remain subject to shareholder approvals.

Balfour Beatty said it continued to expect its profit from operations for the year ended 31 December to be in line with the trading update provided on 12 December 2019.

At 1:08pm: [LON:GFRD] Galliford Try PLC share price was +17p at 856.5p

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