News / Balfour Beatty decreases profits by 70 % in first half year

Balfour Beatty decreases profits by 70 % in first half year

🕔 August 22, 2013

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Balfour Beatty posted a 70 % fall in first-half pre-tax profit on Wednesday.

The UK unit, under new management since April, made an operational loss of 41 million pounds in H1 2013, down from 59 million pounds profit a year earlier.

Cancellations of natural resources projects and public sector spending cuts in Australia also contributed to push profit at its Professional Services division down 38 %.

Pre-tax profit for the first six months of 2013 was 45 million pounds.

Balfour's order book has risen to £13.9 billion, up 3% since the start of the year, and up 7% on the first half of 2012. Revenue has declined however by 3%, or 4% at constant currency, compared to the first half of 2012.

Infrastructure Investments underlying pre-tax result was £78 million, driven by £45 million of gains from PPP disposals made in the first half. Disposal gains were £52 million in 2012.

Source: Balfour Beatty

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