PB lifts Balfour Beatty results
By Chris Sleight11 August 2010
Balfour Beatty has reported a +2,5% rise in revenues for the first half of the year to UK£ 5,2 billion (€ 6,2 billion). Operating profit was up +34% to UK£ 115 million (€ 181 million).
The main driver for this growth was the company's acquisition of Parsons Brinckerhoff (PB) at the end of last year. The addition of the US-based construction services company added UK£ 710 million (€ 850 million) to Balfour Beatty's professional services division in the first half of this year.
As well as increasing the company's revenues, PB also contributed to profits. Whereas the first half of 2009 saw the professional services business make an operating profit of UK£ 6 million (€ 7,2 million) on revenues of UK£ 157 million (€ 188 million), the same six month period this year saw operating profits for the division rise to UK£ 49 million (€ 59 million), while revenues rocketed to UK£ 829 million (€ 992 million).
The remainder of Balfour Beatty's operating divisions all saw revenues fall in the first six months of this year. By far the biggest was its construction services arm, where revenues dropped from UK£ 3,79 billion (€ 4,53 billion) for the first half of 2009 to UK£ 3,28 billion (€ 3,93 billion) in the first half of this year. However, the division's operating profit improved from UK£ 60 million (€ 72 million) to UK£ 69 million (€ 83 million).