Balfour Beatty’s Q3 order book up but revenues down
By Helen Wright11 November 2010
Balfour Beatty said contract wins during the third quarter have increased its order book to "over £ 15 billion" (€ 17.1 billion). But the company said year-on-year revenue was down over the last three months, albeit at a reduced rate from that experienced in the first half.
Balfour Beatty reported that its construction services division saw "very strong order intake" during the third quarter, winning contracts for Heathrow Terminal 2B in the UK, and US contracts for Denver transit and Texas-based Fort Hood Army Medical Center. The company also said it had won a contract for a major data centre.
In the first half, Balfour Beatty reported UK£ 14.6 billion (€ 16.6 billion) on its order book, while the figure stood at uk£ 14.1 billion (€ 16.1 billion) at the end of December 2009.
Meanwhile, Balfour Beatty said it had won major UK local authority contracts for Southampton Highways and Coventry Street Lighting in its support services division. It also has preferred bidder status for Warwickshire Highways and described prospects for the division as "healthy".
The company said it has also achieved preferred bidder positions on four infrastructure investment projects, including the Thanet offshore wind farm development, and is now working to bring nine projects with a combined committed equity of £ 69 million to financial close.
Elsewhere in the world, the company said markets in Hong Kong and Australia continue to be buoyant, while markets in the Middle East and Dubai remain weak.