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Booming Balfour Beatty bucking the trend
Construction giant Balfour Beatty yesterday said its building division had outstripped last year despite a tougher battle to land contracts.
The firm, which has a 12.8bn order book, bucked a "more competitive" environment to report "steady" UK trading and a stronger showing in the US helped by new deals and acquisitions.
Despite flagging markets in parts of its UK rail business, the firm has made good progress on a host of road projects and began work in May on a major 6.2bn scheme to widen the M25 motorway.
Balfour – the UK's biggest building firm – hopes to make progress this year despite the recession due to its strong market positions.
The company, which celebrated its centenary this year and joined the FTSE 100 for the first time, is seen as more resilient due to its broad geographical and business spread as well as a strong proportion of public sector work.
The group was also a beneficiary of the Government's fiscal boost last November when a 400m road project on the A46 Newark to Widmerpool road in Nottinghamshire was brought forward under the plans.
As well as the M25 project, where it is part of the Connect consortium, the group has also sealed two other major private finance initiative schemes so far this year.
It has landed a 170m contract to build the Fife General Hospital, as well as a 200m scheme for schools in Southwark, south London, under the Government's Building Schools for the Future programme.
The group hopes to reach financial close on another road scheme, the Carlisle Northern Development Route, shortly.
Balfour added: "Performance continues to be in line with expectations, underpinned by continued infrastructure expenditure by our customers, the benefit of acquisitions and our tight control of costs."
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Weather for Yorkshire
Wednesday 23 May 2012
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Temperature: 12 C to 25 C
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