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Balfour Beatty FY 2009 revenue up 8% and pre-tax profit up 7% to £267 million
Balfour Beatty, the country's biggest construction company, today reported full-year pretax profit ahead of expectations, boosted by a strong performance from construction and support services.
BB said Group revenue was up 8% to £8.954 billion and underlying pretax profit in 2009 rose 7% to £267 million from £249 million in 2008, which met expectations, and its order book rose 10% year-on-year to £14.1 billion , which it said gives it "good forward visibility."
Balfour Beatty operates in four business segments: professional services, construction services, support services and infrastructure investments, generating revenues in the UK (54%), US (31%) and rest of the world (15%). It's activities span engineering, construction, road and rail transport. It will henceforth, report it's results in terms of these divisions.
The company said its acquisition of U.S. project management firm Parsons Brinckerhoff for $626 million last year has transformed its professional services business and strengthened its U.S. business.
"The breadth of our portfolio means our business is resilient," chief executive Ian Tyler said.
Balfour has positioned itself to benefit from the U.S. stimulus in 2010, shielding it from less public spending at home, which is anticipated after the general election.
Analysts say that concerns about public spending cuts in the UK are fully reflected in its share price.
UK operations now account for about half of its business, compared with about 80% four years ago.
BB said Group revenue was up 8% to £8.954 billion and underlying pretax profit in 2009 rose 7% to £267 million from £249 million in 2008, which met expectations, and its order book rose 10% year-on-year to £14.1 billion , which it said gives it "good forward visibility."
Balfour Beatty operates in four business segments: professional services, construction services, support services and infrastructure investments, generating revenues in the UK (54%), US (31%) and rest of the world (15%). It's activities span engineering, construction, road and rail transport. It will henceforth, report it's results in terms of these divisions.
The company said its acquisition of U.S. project management firm Parsons Brinckerhoff for $626 million last year has transformed its professional services business and strengthened its U.S. business.
"The breadth of our portfolio means our business is resilient," chief executive Ian Tyler said.
Balfour has positioned itself to benefit from the U.S. stimulus in 2010, shielding it from less public spending at home, which is anticipated after the general election.
Analysts say that concerns about public spending cuts in the UK are fully reflected in its share price.
UK operations now account for about half of its business, compared with about 80% four years ago.
Thu, 4th Mar 2010