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This figure was 32% up on the same period in 2009, although it was skewed by its acquisition of US engineer Parsons Brinckerhoff last year. Underlying profit rose only 3%. Its order book in June was 拢14.6bn and turnover rose 2.5% to 拢5.2bn.

Despite the profit rise, Ian Tyler, Balfour鈥檚 chief executive, said his firm would focus on cost savings. He said Balfour Beatty had been 鈥渆valuating additional levels of cost efficiency鈥� through procurement savings and a centralised accounting department.

The report said the changes would save 拢30m a year from 2012, following 鈥渙ne-off implementation costs鈥� of about 拢25m and a further 拢10m in IT investment.

The cancellation of the 黑洞社区 Schools for the Future programme did not appear to have affected profits significantly, despite Balfour having numerous contracts and being preferred bidder on three schemes. Tyler said the firm鈥檚 拢10bn turnover protected it from the schools cuts, which make up 2% of the business.

On the same day as it announced its half-year results, Balfour Beatty also reported it had signed up for a 拢460m deal to build satellite buildings at Heathrow Terminal 2.