Balfour Beatty suspends dividend after £59m losses in 2014 March 25, 2015 The figures Balfour Beatty, the beleaguered construction firm, continues to suffer, posting total losses of £59m in 2014. The firm won't pay out a final dividend. Pre-tax losses came in at £304m in the year to the end of December compared to £185m the previous year, on revenue of £8.9bn. The firm also has negative [...]
Balfour Beatty in £250m deal to manage London’s flood defences along Thames Estuary March 9, 2015 Infrastructure firm Balfour Beatty has been signed up to help strengthen London’s flood defences as part of the 10-year Thames Estuary asset management programme. The company said yesterday the contract would be worth up to £250m. The programme, led by engineering consultancy CH2M Hill, is aimed at managing tidal flood defences along the 170km of [...]
Balfour Beatty sells £40m Thanet wind farm stake to Equitix February 16, 2015 Balfour Beatty has sold a £40m stake in its Kent wind farm business to infrastructure fund Equitix. The struggling firm has sold an 80 per cent stake in the Thanet Offshore Transmission Project it bought just two months ago for £164m. The wind farm, off the coast of Kent, is part of Balfour’s lucrative infrastructure [...]
Balfour Beatty names new chairman as Steve Marshall steps down February 11, 2015 Balfour Beatty has named its new chairman ahead of the retirement of current incumbent Steve Marshall next month. Aveva Group head Philip Aiken is being brought in as a non-executive chairman, and will pick up the reins on March 26. As well as non-executive chairman of Aveva, Aiken is non-executive director of National [...]
Balfour Beatty reveals £800m contract win from Thames Water February 2, 2015 Balfour Beatty has secured a major deal with Thames Water to maintain and install water infrastucture across the utility firm's network. The five-year project is a joint venture with Skanska and MWH Treatment (known as SMB). The contract as a whole is worth £800m and will be worth around £265m to Balfour Beatty. Once it has [...]
Balfour Beatty reveals Sussex deal as BNY Mellon buys stake January 26, 2015 US BANK BNY Mellon has purchased a 4.55 per cent stake in construction firm Balfour Beatty through its subsidiary, Newton Investment Management. Balfour announced yesterday that it had received notice that Newton now holds voting rights over 31.4m shares in the company. The building group also revealed yesterday that it has been appointed preferred bidder [...]
Balfour Beatty preferred bidder on 50-year contract with University of Sussex January 26, 2015 Balfour Beatty is poised to pick up a 50-year contract to design, build, finance and operate a major residential contract for the University of Sussex. The construction firm has been appointed the preferred bidder for the project, which will replace a 600-bed facility on the university's campus with a new 2,000-room site. The [...]
Balfour Beatty issues £70m warning on UK construction profits and cancels £200m share buyback January 22, 2015 Balfour Beatty has warned profits at its UK construction arm will take a £70m hit after a review of its business by KPMG found it had made “optimistic assumptions” about the cost and risk of contracts. The widespread review of the construction group’s business was initiated in September after it made its fifth profit warning [...]
Balfour appoints Hogg Robinson finance boss to replace Magrath January 20, 2015 INFRASTRUCTURE group Balfour Beatty has appointed Philip Harrison as chief financial officer, replacing Duncan Magrath. Harrison is currently group finance director at Hogg Robinson Group and has previously worked at government support services business VT Group and at Hewlett-Packard. He will take up his new position and join the Balfour board later in the year, [...]
Balfour Beatty wins Scape Group public works contract worth £1.5bn January 19, 2015 Construction firm Balfour Beatty has been appointed sole contractor to a new UK-wide civil engineering and infrastructure framework for public works valued at up to £1.5bn. Individual projects within the framework, which will run until February 2019, are expected to be worth up to £40m each. The framework is operated by public sector-owned Scape Group [...]