Pre-tax profits fall 11%
Contractor Balfour Beatty has been hit by further write-downs in its full year results, with pre-tax profits after exceptional items falling 11%.
Balfour Beatty revealed a 拢25m write-down in its preliminary results to 31 December 2006. The sum includes costs associated with the integration of Birse, which it acquired in July, and a previously announced 拢21m hit associated with the closure of the group鈥檚 US civil engineering business.
After exceptionals, Balfour Beatty鈥檚 pre-tax profits fell to 拢125m from 拢141m the previous year.
Before exceptionals, pre-tax profit rose 13% to 拢152m. Turnover rose 18.5% to 拢5.8 bn across the same period. The year-end order book increased by 20% to 拢9.1bn, compared with 拢7.6 bn in 2005.
Chief executive Ian Tyler said: 鈥淲e have record order books, a number of preferred bidder positions on major projects and our markets are generally healthy and continue to offer substantial opportunity鈥e believe that we will be able to make further good progress in 2007.鈥�
