Contractor reports 28% increase in turnover and forecasts minimal impact this year from economic downturn
Balfour Beatty has announced a 24% pre-tax profit increase for 2008, up from 拢201m to 拢249m. Group revenue was up 28% for the year, rising from 拢6,466m to 拢8,261m.
Chief executive Steve Marshall said that he expected the global financial storm to have only a limited impact on business in 2009.
The firm said: 鈥淏alfour Beatty produced another excellent financial performance in 2008, together with further progress in the group's strategic development.
鈥淲hile the difficult economic environment will have some impact on our businesses and creates greater uncertainty, we anticipate making progress in 2009.鈥�
The UK firm was boosted by the Olympics and major projects from BAA and BT. In America, major clients included the US navy, army and air force.
Balfour's building sector order book was 拢12.8bn at the end of 2008, compared with 拢11.4bn at the same point in 2007.
The profit gains were shaded only by Carillion's results yesterday, which showed a 55% leap in full-year results due to growth in public and Middle Eastern work.
Balfour Beatty said it had made further progress in the strategic development of the group last year.
It added: 鈥淲e are strong both operationally and financially and the majority of our work is with public sector and regulated customers, who are long-term investors in infrastructure.
鈥淲hile the difficult economic environment will have some impact on our businesses and creates greater uncertainty, we anticipate making progress in 2009.鈥�
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