Construction giant Balfour Beatty (LON:BBY) saw shares rise in early trading on Wednesday after reporting a jump in profits in 2017.
The group, who are currently running the London Crossrail project, saw underlying operating profit more than double to £19 million. Pre-tax profit hit £165 million, up from £62 million in 2016.
The group’s order book fell during the year, however, down 8 percent to £11.4 billion as the group made a concerted effort to take on projects aligned with their capabilities.
Its troubled UK construction division moved into profit during the year, reporting a £16 million profit compared to a loss of £65 million the previous year.
Leo Quinn, group Chief Executive, said:
“These results clearly demonstrate that our Build to Last programme is transforming Balfour Beatty. The Group has been repositioned to drive sustainable growth in profits, underpinned by a strong balance sheet. It has the right culture and capabilities to capitalise on the rising tide of infrastructure spend in our chosen markets.
“As a result of Build to Last, and the governance and controls now in place, we remain on track to achieve industry-standard margins in the second half of 2018. In the medium term, we are building a Group capable of delivering market-leading performance.”
Shares in Balfour Beatty (LON:BBY) are currently trading up 2.71 percent at 282.91 (0903GMT).
