Bachy Soletanche has reported a sharp fall in turnover and profits as the piling giant’s HS2 workload drops away from peak levels.

Latest accounts for Bachy Soletanche Holdings (Europe) show turnover plunging 43% to £143m last year, down from £250m, as two major HS2 packages wound down.

Pre-tax profit more than halved from £16m previously to just £6m.

Despite the downturn, the Lancashire-based geotechnical specialists maintained a resilient balance sheet, ending the year with £44m cash and net assets rising to £36m.

The business warned that turnover would fall again this year as its regional core work for local customers could not compensate for the step-down in mega project volumes.

The group has now reorganised into Northern and Southern regional offices, backed by a new Major Projects division aimed at securing larger geotechnical packages as the pipeline shifts.