Balfour Beatty, the struggling builder that is converting the M25’s hard shoulder into an extra lane, is relying on a radically improved second half to offset losses in the UK.
In a trading statement today, Balfour said new UK head Nick Pollard would recoup losses through improved operational performance and cost-saving initiatives. This would result in a “broadly break-even position for the year as a whole”.
Although an international group, Balfour’s core British division has suffered recently, leading to a revamp. In April, the group, which built the Olympics Aquatics Centre, issued a £50 million profit warning.
However, Balfour has had contract wins. Today it secured a place enabling it to bid for more than £90 million of work with Australia’s Sydney Water.