UK-based infrastructure group Balfour Beatty has released its full-year results, reporting a profit of GB£181 million (€212 million).
The figure equates to a rise in pre-tax profit of approximately 10%, from the previous year’s £165 million (€193 million).
Similarly positive results were reported in almost all segments of the business, with profit from the construction services division up 32%, an 11% increase in the company’s order book and a reduction in gross debt of more than 40%.
Balfour Beatty said its recent success was the result of its transformation programme, Build to Last, which set out to bring each division of the business to industry-standard performance levels.
Furthermore, the company has taken a more prudent approach to the contracts it accepts, following last year’s collapse of the UK-based contractor Carillion.
Leo Quinn, Balfour Beatty Group chief executive, who took the role in 2015, when Balfour Beatty itself was close to collapse, said, “These results demonstrate the value being created through Build to Last.
“We have relentlessly invested in capability and leadership to forge a culture which provides sustainable competitive advantage through standardisation of our systems and processes, on a reducing overhead base.
“This gives us a scalable platform to drive profitable managed growth. With this internal momentum and our positions in large growing infrastructure markets, we are well placed to deliver market leading performance.”
Following the publication of Balfour Beatty’s results, it was announced that Network Rail – the owner and manager of the majority of Britain’s railway network – had selected an alliance led by the company as the preferred bidder on a new £1.5 billion (€1.75 billion) contract.
The project, to start later this year, will see Balfour Beatty take an 80% share in work on the renewal of tracks and crossings in the UK.