THE boss of Severfield said the construction firm has "turned the corner" despite it facing a £6m bill for faulty bolts which fell from London's Cheesegrater skyscraper.

The charge follows a number of bolts used in the wedge-shaped tower breaking away from the structure last year.

In November, two bolts, roughly the size of a human arm, broke on the 738ft tower.

One fell to the ground from the building’s 15th floor, while the other dropped from a lower level, but was caught in the skyscraper’s framework.

The company said it was working with partners on the building, including British Land, Laing O’Rourke and Arup, to replace all other bolts that could fail.

“Whilst these works progress, discussions continue to agree where the liability for the costs of should go,” said Ian Lawson, chief executive of the firm which has its headquarters in Dalton, near Thirsk.

In an otherwise upbeat annual report, Mr Lawson said the firm could look forward to improving profits and margins following a restructure which helped turn around fortunes at the firm which endured a troubled spell in 2013 when it paid the price for a series of loss-making contracts.

But the firm has recovered strongly, said Mr Lawson, who expects it will add to its 2,000-strong UK workforce as a strengthening construction sector is enabling Severfield to be more selective about the types of contract it takes on.

"That will help us to continue improving our margins and gives me the confidence to say that we are in a good position and our turnaround plan is complete," he added.

Profit before tax rose to £8.3m from £4m in the previous year. The firm, which helped build The Shard, the Emirates Stadium for Arsenal FC, Wimbledon's Centre Court roof as well as Heathrow's Terminal Five and Terminal Two developments and had a hand in London 2012 Olympic venues.

The firms strong order book includes a project to expand Manchester City's Etihad Stadium.

The firm said its UK order book stood at £194m up from £185m in November last year, reflecting an improving market position.

It undertook more than 110 projects during the year in a wide range of sectors from office developments to warehouses and distribution centres.

Losses from Severfield's Indian joint venture have fallen from £3m in 2014 to £200,000 reflecting higher production levels and operational improvements, Mr Lawson said.