Balfour Beatty hit by 70% loss in profits

International infrastructure group Balfour Beatty, which employs 600 people in the North East, suffered a 70% loss in pre-tax profits in the year ending June 28, 2013

International infrastructure group Balfour Beatty, which employs 600 people in the North East, suffered a 70% loss in pre-tax profits in the year ending June 28, 2013.

Underlying pre-tax profits went from £150m to £45m during that time, while revenue dropped 3% from around 5.1bn to around £5bn.

In its latest half-year results, however, the group, reported some positive momentum, including a 3% increase in its order book to £13.9bn, with a strong US performance.

Chief executive Andrew McNaughton said: "Our markets continue to be challenging, but our actions are delivering the intended results.

"With sustained focus on operational delivery, we expect to achieve a performance in our continued operations that is in line with the current market expectations for 2013.

"In the longer term, our goal is to capitalise on the growth in global infrastructure from an international footprint of local businesses.

"The benefits from this focus combined with the impending recovery in some of our mature markets position us well for the future."

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