Construction group Balfour Beatty has posted a pretax profit of £12m for the half year ended 30 June 2017.
This compares with a £15m loss posted for the same period last year. It also posted an increase in its underlying profits from operations of £39m, compared with £11m in the same period last year.
It is now on track to meet its full-year expectations. This is the first time that the group has reported a profit for the first half of the year since 2014.
Revenues fell slightly by 5.7%, which it said was due to the company being more selective regarding which projects it takes on.
Chief executive Leo Quinn said: “These results demonstrate the transformation being driven by focusing Balfour Beatty relentlessly on its chosen markets and capabilities. Profitability is rising, backed by positive cash flow from operations, and the group had average net cash during the period; all achieved without any material investment disposals. The balance sheet remains strong, underpinned by the £1.2bn investments portfolio.”
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