Balfour Beatty has seen its pre-tax profit rise by 14% to £108M in the first six months of 2009, and a staggering £12.5bn forward order book according to a trading statement issued this morning.
While operational profits were up, the group did post an exceptional loss of £22M, mostly due to: “revaluation of foreign exchange options.”
The group also wrote-down £4M in assets held in Germany and incurred £3M in restructuring costs. “Charges for the amortisation of intangible assets have increased, due to the impact of acquisitions, to £20M (2008: £8M) with a related tax credit of £6M (2008: £2M)”.
Consequently, pre-tax profits after exceptional items halved from £144M in 2008 to £66M this year.
The group has grown in the US, which now represents 30% of group revenue and has had good contract wins in UK and international rail.
“The first half of 2009 was a further period of growth for the Group,” said Balfour Beatty chief executive Ian Tyler
“We have made good progress in growing our business presence in the US, based on the principles which have made our UK business so successful. We have won important contracts in Asia and closed a number of UK PPP projects.
“Our strong first half performance, together with the visibility provided by our significant order book of high-quality work, underpins our confidence in the prospects of the Group and we anticipate making good progress in 2009.
“We are confident in our ability to continue our success in our key markets as our customers increasingly seek an integrated infrastructure partner and we see significant opportunities in the medium and long-term,” he said.
Shares in Balfour Beatty rose more than 7% to 342p in early trading.