Strong first half for Balfour Beatty
By Chris Sleight12 August 2009
Balfour Beatty's revenues for the first half of 2009, including its joint ventures and associate companies, were UK£ 5,07 billion, (€ 5,91 billion), a +17% rise on the same figure last year.
Basic operating profits were up +29,5% to UK£ 114 million (€ 114 million), however when exceptional items and amortisation were included, this fell to UK£ 87 million - a -26,5% fall on the comparable figure for last year.
The exceptional charges that deflated profits related to the revaluation of foreign exchange options Balfour Beatty took out to reduce the cash impact of hedging activities.
It has also taken a UK3 4 million (€ 4,7 million) write-down on railway assets in Germany and UK£ 3 million (€ 3,5 million) in reorganisation costs.
Commenting on the results, chief executive Ian Tyler said, "The first half of 2009 was a further period of growth for the Group. We have made good progress in growing our business presence in the US based on the principles which have made our UK business so successful."
He continued, "Out strong first half performance, together with the visibility provided by our significant order book of high-quality work, underpins our confidence in the prospects of the Group and we anticipate making good progress in 2009."
According to the company, it now derives about 30% of its revenues from the US, following the acquisition of Centex's construction businesses in 2007.