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Commercial Property News
Balfour Beatty H1 profits up 25% to £95 million
Construction and services group Balfour Beatty posted a 25% rise in first-half profit today on revenues up 28% at £4.3 billion and said it expects order intake and trading to remain strong throughout the year.
The company reported pretax profit before exceptionals of £95 million for the six months to 28 June, compared to £76 million last year and a median consensus forecast of £92 million in a Reuters poll of five analysts.
Balfour Beatty operates worldwide but still relies heavily on the UK with 67% of group revenue coming from the UK, and 22% from it's new growth market the USA.
Balfour Beatty is a member of the Connect Plus consortium which has been awarded the £5 billion contract to widen the M25, though along with Atkins ( also a member of Connect Plus) it was also a member of the failed Metronet consortium which collapsed into administration last year after building up cost overruns of £2billion on £17 billion of PPP contracts. The government was forced to step in with £2 billion to settle Metronet's costs. It was thought at the time that this failure would penalise Balfour Beatty from further PPP work, which is clearly not the case.
The company reported pretax profit before exceptionals of £95 million for the six months to 28 June, compared to £76 million last year and a median consensus forecast of £92 million in a Reuters poll of five analysts.
Balfour Beatty operates worldwide but still relies heavily on the UK with 67% of group revenue coming from the UK, and 22% from it's new growth market the USA.
Balfour Beatty is a member of the Connect Plus consortium which has been awarded the £5 billion contract to widen the M25, though along with Atkins ( also a member of Connect Plus) it was also a member of the failed Metronet consortium which collapsed into administration last year after building up cost overruns of £2billion on £17 billion of PPP contracts. The government was forced to step in with £2 billion to settle Metronet's costs. It was thought at the time that this failure would penalise Balfour Beatty from further PPP work, which is clearly not the case.
Wed, 13th Aug 2008