Firm says order book stands at over 拢17bn

Profit at Balfour Beatty more than doubled in the first half as the firm put a series of problem London residential schemes behind it.

The jobs, which are believed to include a 拢200m upmarket residential scheme at Curzon Street in Mayfair for Brockton Capital and a 拢110m scheme to build a 43-storey block called Providence Tower for Ballymore, blew a 拢23m hole in the firm鈥檚 UK construction accounts for the first half of last year.

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The firm鈥檚 UK construction arm turned in an 拢18m profit for the six months to June

But the country鈥檚 biggest contractor said this part of the business had moved back into the black with an 拢18m profit in the first six months of 2022.

The firm said group pre-tax profit for the period to the end of June rose from 拢35m to 拢83m. It added that it also booked a net credit of 拢18m which included a tax credit of 拢20m. Revenue was flat at 拢4.1bn.

It said its US construction business, which has been carrying out improvement work at Los Angeles airport, edged profit up 5% to 拢21m while its Hong Kong-based Gammon business also saw profit rise 11% to 拢10m.

The firm said its UK construction business was on track to deliver margins of 2% to 3% by the end of the year.

Balfour鈥檚 order book stands at 拢17.7bn with the firm saying that average net cash for 2022 was expected to be between 拢740m and 拢780m.

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