Country鈥檚 biggest contractor sees income hit 拢4.7bn
Balfour Beatty saw profit and turnover rise, the firm said in its latest set of interim figures this morning.
In the six months to June, the company said pre-tax profit was up one third to 拢112m on turnover up 3% to 拢4.7bn. But underlying profit stayed flat at 拢98m.
Income from its UK construction business fell 4% to 拢1.45bn, which it said was down to lower workloads at the Hinkley Point C contract, but operating profit was up 13% to 拢34m which helped push margins up to 2.3% from 2% last time.
Its biggest business is its US arm with revenues flat at 拢1.7bn and operating margins slipping from 1.2% last time to 1.1%.
Its order book was up 拢200m to 拢16.6bn with average net cash during the period climbing from 拢695m to 拢735m.
Broker Investec is expecting full year revenue to be up 2% to 拢9.8bn and pre-tax profit to be around 拢273m, up from 拢261m.
In a note, it added: 鈥淚t is encouraging to see full year expectations on track, and we strongly believe its target markets of UK energy, transport and defence and the US buildings business will yield good performance.鈥�
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