Boss says it is now capable of ‘market-leading performance’
UK construction giant Balfour Beatty has posted a big jump in annual profit as the company’s turnaround plans continue to pay dividends. Posting its best results in five years today, the group behind Crossrail also said that it remained “on track” in the second half of 2018.
Full year results for 2017 show UK Construction made a £16m profit compared to a £65m loss last time. It recommended a full-year dividend of 3.6p per share, up on 2016’s 2.7p.
Talking about how it was now capable of “market-leading performance”, Leo Quinn, group chief executive, said: “These results clearly demonstrate that our Build to Last programme is transforming Balfour Beatty. The group has been repositioned to drive sustainable growth in profits, underpinned by a strong balance sheet. It has the right culture and capabilities to capitalise on the rising tide of infrastructure spend in our chosen markets.”
“As a result of Build to Last, and the governance and controls now in place, we remain on track to achieve industry-standard margins in the second half of 2018. In the medium term, we are building a group capable of delivering market-leading performance.”