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Balfour swims against tide to publish positive figures
14 August, 2008Balfour Beatty has surprised many analysts with its half year results reporting a £95 million profit, it has been reported.
Balfour Beatty has surprised many analysts with its half year results reporting a £95 million profit, it has been reported.
Amid a season of half year results expected to report a gloomy picture among homebuilders, Balfour's results come in stark contrast to that which is likely to appear from other firms.
Reporting profits from its UK, US, Middle East and Asian developments, Balfour published the £95 million profit, representing a 25 per cent rise year-on-year.
Similarly, Balfour's revenue rose by around a third to £4.3 billion.
Reporting that the success of the past six months has been the company's public sector customers, chief executive Ian Tyler said: "Our customers have to invest in assets right through the cycle, so we are not exposed to the doom and gloom you are seeing elsewhere."
"We are not seeing the UK or US governments backing off on projects in health, education or transport. We would expect strong growth through 2009 and beyond," he added.
Adding to the successful year for Balfour, the company reported that its progress on the London Olympics' aquatics centre will be on budget and if not on time then built before schedule.
The long, drawn-out sale of British Energy (BE) to EDF Energy has come to an end after the French energy firm bought BE for £12.5 billion, it has been reported.
Government hopes to have an EDF Energy-British Energy (BE) tie up within two weeks have been dubbed "optimistic" by the British nuclear company, according to a recent report.
Gordon Brown is facing the prospect of a major defeat over the government's reluctance to impose a windfall tax on energy companies, it has been reported.
The City of London has launched a campaign against Gordon Brown in order to convince him that introducing a windfall tax on energy companies should be avoided.
TaylorWimpey has reported phenomenally poor first half results for the year so far, recording a loss of £1.5 billion, it has been announced.