News Balfour’s Profits Fall 70

Balfour Beatty,the international infrastructure company has reported a half-year loss of £6m.

The FTSE 250 construction firm – which recently sold the workplace arm of the business for an estimated £190 million – reported a 70% fall in first-half pre-tax profit as the already well flagged problems in its British and Australian businesses took their toll.

Andrew McNaughton, chief executive, says that “our actions are delivering the intended results” despite markets continuing to be challenging.

He points to a 3% increase in the company’s order book – which currently stands at £13.9 billion – and is being put down to better conditions in the US.

McNaughton also says Balfour Beatty is taking “firm action to address UK construction underperformance”.

“With sustained focus on operational delivery, we expect to achieve a performance in our continuing operations that is in line with the current market expectations for 2013,” said McNaughton.

Adding that in the longer term, the firms “goal is to capitalise on the growth in global infrastructure.”

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