Contractor Balfour Beatty is to sell its European rail business, the firm announced in its annual results released today.
The contractor will sell its three mainland European rail operations - Germany, Scandinavia and Spain - with the Spanish division already sold to its management.
Revenue for the group shrank 1% in 2012 from £11bn to £10.9bn. Profit also fell from £331M to £309M, a drop of 7%. The order book grew 1% to £15.3bn, with the professional services sector - which includes consultant Parsons Brinckerhoff - growing its orderbook by 5%. Professional services also saw a 13% growth in profits from £87M to £98M and a 1% growth in revenue from £1.64bn to £1.66bn.
“We have delivered a set of results for the full year that demonstrated resilience in underlying earnings and a stable order book in the face of continuing challenging conditions in the construction markets in the UK and USA,” said Balfour Beatty chief executive Ian Tyler.
“We have also made good progress in the implementation of measures designed to increase organisational efficiency and are on track to realise the anticipated benefits. Furthermore, our growth strategy of focusing on key market sectors and geographies is making headway, and is reflected in the continuing shift in out order book towards infrastructure