Profits in the UK Engineering firm balfour beatty and to 69pc

  • Profits in the UK Engineering firm balfour beatty and to 69pc
    Independent.t. E.
    Profits at Balfour Beatty, a British company which through a joint venture has a contract of 500 million euros for the installation and maintenance of gas infrastructure in Ireland – saw its underlying profit jump 69pc to £66 million (€74 million) in the first half.
    https://www.independent.ie/business/irish/profits-at-uk-engineering-firm-balfour-beatty-up-69pc-37220370.html
    https://www.independent.ie/incoming/article37220757.ece/c6d55/AUTOCROP/h342/ipanews_bec1ef04-dbe8-4412-a118-d7374538494f_1

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Profits at Balfour Beatty, a British company which through a joint venture has a contract of 500 million euros for the installation and maintenance of gas infrastructure in Ireland – saw its underlying profit jump 69pc to £66 million (€74 million) in the first half.

However, the underlying revenue in the period dropped from £4.2 bn (€4.7 bn) in the first half of 2017 to $ 3.8 billion (€4.2 m) in the first half of 2018.

The group said that while maintaining a “disciplined bidding”, it has grown its order book amounted to £12.6 bn (€14.1 bn) at the end of the first half.

This was mostly due to the victories on his construction business, including its 30pcs share of the $2 billion (€2.2 billion) Los Angeles airport automated people mover project.

“All our businesses are now either achieving the standard within the industry or on the track to do it in the second half,” said CEO Leo Quinn.

“Given the strength of our balance sheet and credibility of the fee for the full year group earnings will match expectations, we raised the interim dividend by 33pc and redemption of convertible bonds this year”, he added.

Balfour Beatty plans to pay £214м (€240m) placed convertible bonds upon the occurrence of their maturity in December.

Balfour Beatty has a joint venture in Ireland with clg, which is working on gas networks in Ireland.

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