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Ferrovial on a high after BAA takeover

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SPANISH CONSORTIUM Ferrovial's £12bn acquisition of UK airports operator BAA will make it the largest infrastructure group in the world, the company said when announcing its half-year results this week.

The group predicts that its revenues will exceed £9.5bn this year, with infrastructure and services businesses accounting for 60%, producing 85% or £130M of the consortium's pretax profit.

Ferrovial added to its UK infrastructure and services portfolio with the acquisition by subsidiary Amey of Owen Williams in February (NCE 9 February). It reported that halfyear profi ts are up almost 20% to £162M. Revenues are up 28.8% to £3.59bn.

The company has been imposing itself at BAA since its takeover on 6 June. CEO Mike Clasper has gone, to be replaced by board member Stephen Nelson. New deputy CEO is Ferrovial Aeropuertos managing director Luis Sánchez Salmeró;n.

Construction divisional director Mick Temple has stepped down from the board but remains on the company's executive committee. Heathrow managing director and T5 boss Tony Douglas has also joined the board.

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