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The largest division at Laing O鈥橰ourke stayed in the red last year but narrowed pre-tax losses more than threefold.

The country鈥檚 biggest private builder said earlier this month the group had cut overall losses from 拢246m in 2016 to 拢67m the following year.

The divisional performances of the 拢3.2bn business are now emerging and the results for the largest division, Laing O鈥橰ourke plc, show that pre-tax losses fell from 拢267m to 拢81m in the 12 months to March 2017.

Revenue during the period increased from 拢1.6产苍 to just over 拢2产苍.

Laing O鈥橰ourke plc covers its operations in Europe, Canada and Abu Dhabi and includes over 100 subsidiaries including plant hire firm Select as well as shares in PFI hospital schemes including Liverpool children鈥檚 hospital Alder Hey.

It is the third straight year the firm has sunk into the red and last year鈥檚 loss means accumulated losses over the past three years at the business have topped 拢400m (see box).

The firm said the bulk of this latest loss was connected to continuing problems with a PFI hospital contract in Montreal, Canada, although an ongoing restructuring initiative cost it a further 拢11.6m on top of the 拢23.1m it shelled out in 2016.

In a note accompanying the accounts, the firm said the restructuring increased 鈥渢he focus on creating a simple management team鈥� for its contracting, manufacturing, logistics and plant businesses.

It said more restructuring was on the way and added: 鈥淲e will continue further consolidation of our regional offices into our headquarters at Dartford, Manchester and Explore Industrial Park [its Design for Manufacture and Assembly plant near Worksop].鈥�

The number of people employed by the firm dropped by just over 100 to 8,539, which accounts for more than half of the group鈥檚 15,273 staff.

Two weeks ago, in its results for the group, Laing O鈥橰ourke said underlying profit returned to the black, turning an 拢82m loss in 2016 into a 拢35m profit 12 months later. Chief executive Ray O鈥橰ourke (pictured) added that it expects to make a pre-tax profit in 2018 when its current financial year closes at the end of this month

Laing O鈥橰ourke plc is a member of Laing O鈥橰ourke Corporation which operates out of Cyprus.

The firm, which has extended the date on its refinancing deal by six months to the end of next April, said it plans to move the tax status of the group from Cyprus to Jersey during this year.